# Welcome to Strata Next-generation structured yield products, engineered for tailored risk-reward. Strata is a generalized risk-tranching protocol that brings structured yield products to any on-chain or off-chain yield strategy by splitting yield into two tokenized risk-based tranches, each tailored to distinct risk–reward profiles. The protocol introduces two liquid and composable tokens built on the underlying yield product, **Strata Senior Tranche** and **Strata Junior Tranche**. For e.g., Strata Senior USDe (srUSDe) and Strata Junior USDe (jrUSDe) offer structured yields on Ethena’s reward-bearing synthetic dollar, sUSDe.
**Strata Senior Tranche**\ An over-collateralized, yield-bearing synthetic dollar, representing the senior risk tranche in Strata’s structure. It delivers superior risk-adjusted yield by providing protection against underlying strategy and collateral risks, guaranteed minimum yield tied to the benchmark rate, and uncapped upside exposure to the underlying yield. **Strata Junior Tranche**\ A yield-bearing investment product, representing the junior risk tranche in Strata’s structure. It provides leveraged upside to the underlying yield while simultaneously functioning as a liquid insurance pool for the senior tranche. By absorbing excess risk and volatility associated with the underlying yield strategy, junior tranche earns a risk premium from the senior tranche, delivering potentially higher yields for risk-tolerant investors. Strata launched its first structured yield products on 13th October 2025, built on Ethena's USDe. Strata is a fully on-chain protocol with a modular, chain-agnostic architecture that enables expansion beyond USDe into a broad range of USD and non-USD assets and strategies across multiple ecosystems. These include curated lending vaults, managed multi-strategy vaults, exotic delta-neutral strategies, tokenized private credit, high-yield RWAs etc. As Strata evolves, it becomes the default chassis for the next generation of on-chain structured yield products, with its risk-tranching protocol serving as the engine that powers them. {% hint style="success" %} Strata’s risk-tranching protocol re-engineers one-size-fits-all yields into two tokenized tranches, purpose-built for distinct risk–reward profiles. {% endhint %} {% hint style="info" %} Website: [https://strata.markets](https://strata.markets/) Twitter: Discord: {% endhint %} # Why Strata Structured Yield Products: Risk-Optimized Access to On-Chain Yields. ### Strata: Structured Risk. Structured Yield. Today’s DeFi yield products are one-size-fits-all, where every depositor bears the same risk regardless of their individual risk tolerance. This limits adoption from conservative capital and prevents efficient, market-based pricing of risk. In reality, DeFi yields function like private credit and require traditional private-credit style waterfall structures, implemented fully on-chain with transparency and composability. As investor demand shifts from standardized yields to tailored, risk-optimized yields, risk-tranching becomes the essential missing layer DeFi needs today to democratize on-chain yields. Strata introduces explicit risk-tranching mechanism designed to offer structured yield products on diverse yield strategies by splitting yield and risk into two tokenized tranches : Senior and Junior, each designed for distinct risk-reward profiles. * **Senior tranche** is suitable for risk-averse investors, providing the safest access to the underlying yield strategy with protection against strategy and counterparty risks. * **Junior tranche** acts as a liquid insurance fund underwriting the strategy risk (credit, volatility, collateral) in exchange for a risk premium from the senior tranche, providing leveraged upside to the underlying yield. This structure enables transparent, market-driven pricing of risk, attracts a wider range of investors from risk-averse institutions to yield-seeking DeFi users, and transforms DeFi yields into structured, risk-adjusted financial products similar to how securitization scaled fixed income in TradFi. It eliminates the need for an embedded insurance fund in DeFi yield products by allowing the market to price underlying risk directly. The junior tranche assumes this risk in exchange for higher potential returns, while the senior tranche gets safer, moderate returns with built-in protection. {% hint style="success" %} Strata targets global conservative capital to be onboarded into on-chain finance with low-risk, uncorrelated, transparent and scalable on-chain yields while meeting high-yield demand from DeFi-native users. {% endhint %}
Strata is purpose-built to deliver structured yields on diverse on-chain and off-chain yield strategies by segmenting risk into distinct tranches, each tailored to match the risk-return profiles of different\ investor types. This tranching structure unlocks targeted exposure, improves capital efficiency, and\ catalyzes the growth of underlying yield product: one that is more inclusive, scalable, and\ institution-ready. 1. **Tailored Risk Exposure**\ Conservative investors prioritize predictable, low‑risk returns, while risk-tolerant users seek higher-yield opportunities with greater upside. 2. **Enhanced Risk-Return Pricing**\ Splitting yield into senior and junior risk tranches enables real-time and transparent market-based pricing of risk and returns. 3. **Capital-Efficient Access**\ Both tranches are tokenized as fully permissionless and composable assets, enabling seamless integration across DeFi and CeFi. This design offers enhanced capital efficiency, flexibility, and broad accessibility for a wide range of users. {% hint style="success" %} Strata’s dual-token design marks a meaningful shift in the risk management by splitting risk and yield into distinct senior and junior tranches. {% endhint %} # Senior Tranche Low Risk, Moderate Return Tranche Senior tranche is an over-collateralized, yield-bearing synthetic dollar, representing the senior risk tranche in Strata’s structure. It delivers superior risk-adjusted yield by providing protection against underlying strategy and collateral risks, guaranteed minimum yield tied to the benchmark rate, and uncapped upside exposure to the underlying yield. Senior tranche exchange rate to the underlying base asset always remains above 1 and continues to increase over time as yield accrues. It always earns a portion of the yield generated on the pooled collateral after paying a risk premium to the junior tranche. This premium is determined by the underlying yield and the relative liquidity across both tranches, and is effectively priced by the market. Its yield has a floor equivalent to the benchmark rate and uncapped upside exposure to the underlying yield. In extreme scenarios where the junior tranche is fully depleted and unable to provide risk coverage, particularly if the underlying yield underperforms the benchmark for a prolonged period, the senior tranche will simply earn the APY of the underlying yield source. In the event of a complete depletion of the junior tranche's first-loss capital due to an underlying's insolvency event, the senior tranche may also incur a loss of principal. Senior tranche yield can be further traded on Pendle's yield trading platform to hedge or speculate through its Principal Token (PT) and Yield Token (YT). Explore the senior tranches currently available on Strata:\ Strata x Ethena: [Senior USDe (srUSDe)](/markets/ethena-usde/srusde)\ Strata x Neutrl: [Senior NUSD (srNUSD)](/markets/neutrl-nusd/srnusd)\ Strata x Midas x Hyperithm: [Senior mHYPER (srmHYPER)](/markets/midas-mhyper/srmhyper) {% hint style="success" %} Senior tranche is ideal for users with a conservative risk profile, including institutions, DAOs, and TradFi retail savers seeking stable, high quality yields with minimized risk. {% endhint %}
### Key features: * **Instant minting and redemption:** Users can seamlessly mint or redeem senior tranche token without any lockup, or trade it on secondary markets using any asset on DEXs. * **In-built insurance and over-collateralization:** Senior tranche is fully backed by the underlying base asset, with additional coverage provided by the junior tranche, ensuring capital preservation and risk-minimized yield. * **Stable and predictable yield:** Senior tranche provides a guaranteed minimum yield at the benchmark rate with uncapped upside exposure to the underlying yield, offering investors a reliable and stable yield on the underlying asset. * **Composable and efficient:** Built on the ERC-4626 tokenized vault standard, senior tranche is a fully permissionless and transferable token designed for seamless integration across DeFi and CeFi, delivering capital efficiency, flexibility, and broad accessibility. * **Omni-chain liquidity:** Senior tranche token is built on LayerZero’s OFT standard, enabling assets to be minted across multiple chains and allows seamless cross-chain transfers, ensuring unified and efficient liquidity. # Junior Tranche High Return, Moderate Risk Tranche Junior tranche is a yield-bearing investment product, representing the junior risk tranche in Strata’s structure. It provides leveraged upside to the underlying yield while simultaneously functioning as a liquid insurance pool for the senior tranche. By absorbing excess risk and volatility associated with the underlying yield strategy, junior tranche earns a risk premium from the senior tranche, delivering potentially higher yields for risk-tolerant investors. Junior tranche receives the residual yield after the senior tranche is paid and absorbs any shortfall when underlying yield falls below the guaranteed minimum yield for senior tranche tied to the benchmark rate and in event of potential default by the underlying yield source. As a result, junior tranche outperforms the underlying yield in high-yield environments but may underperform when the underlying yield drops below the benchmark rate.\ \ Junior tranche may generate a negative yield when the underlying yield falls below the benchmark rate or in the event of a default, resulting in a portion of the junior tranche reserves being allocated to senior tranche to guarantee its floor APY. Junior tranche exchange rate to the underlying base asset continuously rises or falls as the positive/negative yield accrues, and it can incur full principal loss as well during prolonged negative performance or an underlying default event as it acts as the first-loss capital. Junior tranche yield can be further traded on Pendle's yield trading platform to hedge or speculate through its Principal Token (PT) and Yield Token (YT), unlocking a new class of structured yield products. Strata tranches yield by risk, while Pendle tranches yield by time. Together, they form a unified yield-curve<>risk-curve marketplace, something traditional finance does not fully offer within a single system. Explore the junior tranches currently available on Strata:\ Strata x Ethena: [Junior USDe (jrUSDe)](/markets/ethena-usde/jrusde)\ Strata x Neutrl: [Junior NUSD (jrNUSD)](/markets/neutrl-nusd/jrnusd)\ Strata x Midas x Hyperithm: [Junior mHYPER (jrmHYPER)](/markets/midas-mhyper/jrmhyper) {% hint style="success" %} Junior tranche is well-suited for users with a more aggressive risk profile, including DeFi-native power users, hedge funds, and yield farmers who seek higher yields and have a slightly higher risk tolerance. {% endhint %}
### Key features: * **Instant minting and redemption:** Users can mint junior tranche instantly without any fee and redeem with or without a lockup and redemption fee that depends on the coverage available for the senior tranche. Lockup periods and fee parameters vary by underlying yield, so it’s recommended to review the [markets](/markets/ethena-usde) page for each individual strategy. Users can also trade it on secondary markets using any asset on DEXs. * **Leveraged yield exposure:** Junior tranche allows risk-tolerant investors to capture enhanced returns from underlying’s variable APY while assuming increased exposure to yield volatility and underlying strategy risks. * **Liquid insurance fund:** Junior tranche acts a first-loss capital absorbing the volatility and underlying yield strategy risks and earns a risk premium from the senior tranche, resulting in higher yields for investors who are comfortable taking on more risk. * **Composable and efficient:** Built on the ERC-4626 tokenized vault standard, junior tranche is a fully permissionless and transferable token designed for seamless integration across DeFi and CeFi, delivering capital efficiency, flexibility, and broad accessibility. * **Omni-chain liquidity:** Junior tranche token is built on LayerZero’s OFT standard, enabling assets to be minted/redeemed across multiple chains and allows seamless cross-chain transfers, ensuring unified and efficient liquidity. # Ethena USDe Structured Yield Products on Ethena USDe The one-size-fits-all design of Ethena’s sUSDe, although elegant and simple, is not ideal for many investors across DeFi and TradFi. Different capital allocators have varying risk appetites\ and return expectations, which a single yield product cannot fully satisfy. Strata is purpose-built to deliver structured yields on USDe, Ethena’s synthetic dollar backed by delta-neutral positions on blue-chip crypto assets. It allows investors to customize their risk and return exposure through two tranches, Senior and Junior, while earning crypto-native yields sourced from carry and basis trades. The protocol introduces two liquid and composable tokens built on Ethena’s reward-bearing synthetic dollar, sUSDe: **Strata Senior USDe (srUSDe)** and **Strata Junior USDe (jrUSDe)**. * **srUSDe (Senior Tranche):** Designed for capital preservation, srUSDe offers a stable yield floor benchmarked to Aave’s USDC/USDT lending rates while still participating in the upside of sUSDe APY. * **jrUSDe (Junior Tranche):** Provides leveraged upside to sUSDe’s variable APY, absorbing sUSDe APY volatility and other associated risks in exchange for potentially higher returns.
Ethena’s yield engine combined with Strata’s risk-tranching democratises access to tailored, risk-adjusted yields by unlocking a new class of investment products. By bringing together the principles of traditional structured finance with DeFi’s programmability and composability, Strata delivers enhanced risk-adjusted yields and capital efficiency, reinforcing USDe’s position as a core asset for scalable, programmable crypto-native yields in DeFi. #### Market Specifications | Underlying Protocol | Ethena | | --------------------- | ----------------------------------------------------------------------------- | | Yield Source | sUSDe | | Base Asset | USDe | | Benchmark | Supply-weighted average of USDC and USDT lending rates on Aave v3 Core market | | Performance Fee | 5% | | Senior Redemption Fee | 0.025% | | Junior Redemption Fee | 0.10% | # srUSDe Strata Senior USDe Senior USDe is an over-collateralized, yield-bearing synthetic dollar backed by USDe, representing the senior tranche in Strata’s structure. It offers the best-in-class risk-adjusted yield by providing principal-protection and guaranteed minimum yield tied to the benchmark rate and uncapped upside exposure to sUSDe APY. It has a risk profile comparable to lending USDe/stablecoins on Aave, superior risk profile than Sky Savings, and historically delivering significantly higher yields than both. The current benchmark rate is supply-weighted average of USDC and USDT lending rates on Aave v3 Core market. These lending rates function as DeFi’s base reference rate and effectively represent the ecosystem’s on-chain risk-free rate. Stablecoin lending rates on Aave reflect a market-driven, transparent, and investable interest rate, directly derived from organic on-chain demand for leverage while sUSDe yields primarily reflect leverage demand within CeFi markets. This makes Aave’s rate a purer measure of on-chain capital cost and a more neutral benchmark for Strata Senior USDe. srUSDe always earns a share of the yield generated by the protocol on the pooled USDe collateral by staking USDe. Its yield has a floor equivalent to the benchmark rate and uncapped upside exposure to sUSDe APY. In extreme scenarios (jrUSDe TVL \~ 0, sUSDe APY < benchmark rate), srUSDe will simply earn the same APY as sUSDe.
Mint Users can mint srUSDe by depositing USDe. The amount of srUSDe received is determined by the real-time srUSDe/USDe exchange rate minus any applicable minting fees. At the current stage of protocol implementation: * USDe and sUSDe can be used to mint srUSDe through the Strata UI. * Minting fees are currently waived. * srUSDe minting is temporarily paused when the senior coverage ratio falls below 105%. * srUSDe can also be acquired on secondary markets using any asset on DEXs.
Redeem When srUSDe is redeemed, the user receives USDe/sUSDe based on the srUSDe/USDe exchange rate, minus any applicable redemption fees. At the current stage of protocol implementation: * srUSDe can be redeemed for USDe and sUSDe through the Strata UI. * 2.5 bps redemption fee. * sUSDe redemptions are processed instantly, while USDe redemptions follow a 7 day cooldown period, consistent with Ethena’s sUSDe unbonding period. USDe can be claimed after 7 days in the portfolio section. * srUSDe can also be traded for other assets on DEXs.
{% hint style="success" %} The srUSDe [Dashboard](https://app.strata.markets/market/ethena-usde?action=buy\&tranche=srUSDe) on the Strata app displays the current srUSDe/USDe exchange rate, APY, coverage, and market cap, along with full historical data. All metrics are updated in real time, giving users a clear and accurate view of srUSDe’s performance at any moment. {% endhint %} # jrUSDe Strata Junior USDe Junior USDe is a yield-bearing investment product, representing the junior tranche in Strata’s structure. It provides leveraged upside to sUSDe APY while simultaneously functioning as a liquid insurance fund for srUSDe. By absorbing excess risk and volatility associated with sUSDe APY, jrUSDe earns a risk premium from the senior tranche, delivering potentially higher yield for risk-tolerant investors. jrUSDe receives the residual yield after the senior tranche is paid and absorbs any shortfall when sUSDe APY falls below the guaranteed minimum yield for srUSDe tied to the benchmark rate. As a result, jrUSDe outperforms sUSDe APY in high-yield environments but may underperform when sUSDe APY drops below the benchmark rate.
Mint jrUSDe can be minted by depositing USDe. The amount of jrUSDe received is determined by the jrUSDe/USDe exchange rate minus any applicable minting fees. At the current stage of protocol implementation: * USDe and sUSDe can be used to mint jrUSDe through the Strata UI. * Minting fees are currently waived. * jrUSDe can also be acquired on secondary markets using any asset on DEXs.
Redeem When jrUSDe is redeemed, the user receives USDe/sUSDe based on the jrUSDe/USDe exchange rate, minus any applicable redemption fees. At the current stage of protocol implementation: * jrUSDe can be redeemed for USDe and sUSDe through the Strata UI. * Redemption fee is 10 bps. * jrUSDe can be instantly redeemed for sUSDe while USDe redemptions follow a 7 day cooldown period, consistent with Ethena’s sUSDe unbonding period. USDe can be claimed after 7 days in the portfolio section. * jrUSDe redemption is temporarily paused when the srUSDe coverage ratio falls below 105%. * jrUSDe can also be traded for other assets on DEXs.
{% hint style="success" %} The jrUSDe [Dashboard](https://app.strata.markets/market/ethena-usde?action=buy\&tranche=jrUSDe) on the Strata app displays the current jrUSDe/USDe exchange rate, APY, overperformance, and market cap, along with full historical data. All metrics are updated in real time, giving users a clear and accurate view of jrUSDe’s performance at any moment. {% endhint %} # Neutrl NUSD Structured Yield Products on Neutrl NUSD The one-size-fits-all design of [Neutrl](https://www.neutrl.finance/) [sNUSD](https://app.neutrl.finance/protocol?subTab=snusd) is not ideal for many investors across DeFi and TradFi as different capital allocators have varying risk appetites and return expectations, which a single yield product cannot fully satisfy. Strata is purpose-built to deliver structured yields on [NUSD](https://app.neutrl.finance/protocol), Neutrl’s synthetic dollar designed to deliver a novel crypto-native yield through a diversified set of market-neutral strategies, including OTC arbitrage, funding rate arbitrage, and DeFi-native strategies. The protocol introduces two liquid and composable tokens built on Neutrl’s yield-bearing synthetic dollar, sNUSD: **Strata Senior NUSD (srNUSD)** and **Strata Junior NUSD (jrNUSD)**. * **srNUSD (Senior Tranche):** Designed for capital preservation, srNUSD offers a stable yield floor benchmarked to Ethena sUSDe APY while still participating in the upside of sNUSD APY and protected against underlying strategy risks. * **jrNUSD (Junior Tranche):** Provides leveraged upside to sNUSD’s variable APY by earning a risk premium from the senior tranche, acting as first-loss capital that underwrites sNUSD’s underperformance against the benchmark and underlying strategy risks.
#### Market Specifications | Underlying Protocol | Neutrl | | ---------------------- | ------------------------------------------------------------------------------------------------------------------ | | Yield Source | sNUSD | | Base Asset | NUSD | | Benchmark | Ethena sUSDe APY | | Performance Fee | 7.5% | | Senior Redemption Fee |

0.05% when coverage is above 120%
0.025% when coverage is 110-120%
0% when coverage is below 110%

| | Junior Redemption Fee |

0.20% when coverage is above 120%
0.10% when coverage is 110-120%
0% when coverage is below 110%

| | Senior Cooldown Period | None | | Junior Cooldown Period |

None when coverage is above 120%
7 days when coverage is 110-120%
35 days when coverage is below 110%

| # srNUSD Strata Senior NUSD Senior NUSD (srNUSD) is an over-collateralized, yield-bearing synthetic dollar backed by NUSD, representing the senior risk tranche in Strata’s structure. It offers superior risk-adjusted yield by providing protection against underlying strategy risks and guaranteed minimum yield tied to the benchmark rate (Ethena sUSDe APY), while retaining uncapped upside participation in sNUSD APY. srNUSD always earns a share of the yield generated by the protocol on the pooled NUSD collateral by staking NUSD. Its yield has a floor equivalent to the benchmark rate ensuring uncapped upside exposure to sNUSD APY with minimum guaranteed yield and first-loss protection provided by the junior tranche. In extreme scenarios, srNUSD APY will be equivalent to the sNUSD APY.
Mint Users can mint srNUSD by depositing NUSD/USDC/USDT/USDe. The amount of srNUSD received is determined by the real-time srNUSD/NUSD exchange rate minus any applicable minting fees. At the current stage of protocol implementation: * NUSD/USDC/USDT/USDe and sNUSD can be used to mint srNUSD through the Strata UI. * Minting fees are currently waived. * srNUSD minting is temporarily paused when the senior coverage ratio falls below the min. coverage threshold. * srNUSD can also be acquired on secondary markets using any asset on DEXs.
Redeem When srNUSD is redeemed, the user receives NUSD/sNUSD based on the srNUSD/NUSD exchange rate, minus any applicable redemption fees. At the current stage of protocol implementation: * srNUSD can be redeemed for NUSD and sNUSD through the Strata UI. * 0–5 bps redemption fee is applied depending on the srNUSD coverage level. The applicable fee is displayed on the UI prior to confirmation. * sNUSD redemptions are processed instantly, while NUSD redemptions follow a 10 day cooldown period, consistent with Neutrl's sNUSD unstaking period. NUSD can be claimed in the portfolio section. * srNUSD can also be traded for other assets on DEXs.
{% hint style="success" %} The srNUSD [Dashboard](https://app.strata.markets/market/neutrl-nusd?action=buy\&tranche=srNUSD) on the Strata app displays the current srNUSD/NUSD exchange rate, APY, coverage, and market cap, along with full historical data. All metrics are updated in real time, giving users a clear and accurate view of srNUSD’s performance at any moment. {% endhint %} # jrNUSD Strata Junior NUSD Junior NUSD is a yield-bearing investment product that represents the junior risk tranche in Strata’s structure. It offers leveraged upside to sNUSD APY while simultaneously functioning as a liquid insurance pool for srNUSD. By underwriting sNUSD’s underperformance against the benchmark (Ethena sUSDe APY) and underlying strategy risks, jrNUSD earns a risk premium from the senior tranche, delivering potentially higher yield for risk-tolerant investors.\ \ jrNUSD captures the residual yield after the senior tranche is paid and absorbs any shortfall when sNUSD APY falls below the guaranteed minimum yield for srNUSD, which is tied to the benchmark rate. It also provides first-loss protection to srNUSD in the event of NUSD insolvency. As a result, jrNUSD tends to outperform sNUSD in high-yield environments but may underperform when sNUSD APY falls below the benchmark rate.
Mint jrNUSD can be minted by depositing NUSD/USDC/USDT/USDe. The amount of jrNUSD received is determined by the jrNUSD/NUSD exchange rate minus any applicable minting fees. At the current stage of protocol implementation: * NUSD/USDC/USDT/USDe and sNUSD can be used to mint jrNUSD through the Strata UI. * Minting fees are currently waived. * jrNUSD can also be acquired on secondary markets using any asset on DEXs.
Redeem When jrNUSD is redeemed, the user receives NUSD/sNUSD based on the jrNUSD/NUSD exchange rate, minus any applicable redemption fees. At the current stage of protocol implementation: * jrNUSD can be redeemed for NUSD and sNUSD through the Strata UI. * 0–20 bps redemption fee is applied depending on the srNUSD coverage level. The applicable fee is displayed on the UI prior to confirmation. * jrNUSD can be redeemed for sNUSD after a cooldown period that ranges from zero up to five weeks, depending on the srNUSD coverage level. The applicable cooldown is displayed on the UI prior to confirmation. During this cooldown period, jrNUSD holders remain exposed to jrNUSD performance. Once the cooldown ends, sNUSD can be claimed or unstaked for NUSD in the Portfolio section. * jrNUSD can also be redeemed for NUSD, subject to the jrNUSD cooldown plus an additional 10-day cooldown, consistent with Neutrl’s sNUSD unstaking period. NUSD can then be claimed in the Portfolio section. * jrNUSD redemption is temporarily paused when the srNUSD coverage ratio falls below the min. threshold. * jrNUSD can also be traded for other assets on DEXs.
{% hint style="success" %} The jrNUSD [Dashboard](https://app.strata.markets/market/neutrl-nusd?action=buy\&tranche=jrNUSD) on the Strata app displays the current jrNUSD/NUSD exchange rate, APY, overperformance, and market cap, along with full historical data. All metrics are updated in real time, giving users a clear and accurate view of jrNUSD’s performance at any moment. {% endhint %} # Midas mHYPER Structured Yield Products on Midas mHYPER Midas [mHYPER](https://midas.app/mhyper) is a tokenized investment strategy focused on multi-chain stablecoin yields, managed by [Hyperithm](https://www.hyperithm.com/) and powered by [Midas](https://midas.app/). Managed yield vaults like mHYPER carry multiple layers of risk arising from the underlying assets, protocols, and manager execution. While these risks cannot be fully eliminated, they can be assessed, priced and transferred. Strata’s risk-tranching mechanism transforms mHYPER into two tokenized tranches with clearly structured risk and return profiles. The one-size-fits-all design of Midas mHYPER is not ideal for many investors across DeFi and TradFi as different capital allocators have varying risk appetites and return expectations, which a single yield product cannot fully satisfy. Strata is purpose-built to deliver structured yields on mHYPER by transforming blended vault risk into programmable tranches, allowing depositors to access Hyperithm’s multi-chain stablecoin yield strategy with built-in protection or opt for higher returns by taking on amplified exposure to mHYPER performance and incremental risk. At the same time, tranching mHYPER significantly improves the product’s composability across the broader DeFi ecosystem. The protocol introduces two liquid and composable tokens built on Midas mHYPER: **Strata Senior mHYPER (srmHYPER)** and **Strata Junior mHYPER (jrmHYPER)**. * **srmHYPER (Senior Tranche):** Senior mHYPER is a liquid, yield-bearing derivative of Midas mHYPER that provides low-risk exposure to Hyperithm’s multi-chain stablecoin yield strategies. It is designed to deliver a minimum guaranteed yield linked to a benchmark rate, with built-in protection against underlying strategy and counterparty risks. * **jrmHYPER (Junior Tranche):** Junior mHYPER is a liquid, yield-bearing derivative of Midas mHYPER that offers leveraged upside to mHYPER performance in exchange for assuming first loss risk. It functions as a market-priced insurance layer, absorbing any shortfall required to meet the senior tranche’s minimum guaranteed yield while underwriting underlying strategy and counterparty risks.
#### Market Specifications
Underlying ProtocolMidas
Yield SourcemHYPER
Base AssetUSDC
BenchmarkSupply-weighted average of USDC/USDT lending rates on Aave v3 Core + 3% APY risk premium
Performance Fee7.5%
Senior Redemption Fee

0.05% when coverage is above 120%

0.025% when coverage is 110-120%

0% when coverage is below 110%

Junior Redemption Fee0.20% when coverage is above 120%
0.10% when coverage is 110-120%
0% when coverage is below 110%
Senior Cooldown PeriodNone
Junior Cooldown PeriodNone when coverage is above 120%
7 days when coverage is 110-120%
21 days when coverage is below 110%
# srmHYPER Strata Senior mHYPER Senior mHYPER is a liquid, yield-bearing derivative of mHYPER that provides low-risk exposure to Hyperithm’s multi-chain stablecoin yield strategy. It is designed to deliver stable and predictable yield, with built-in protection against underlying strategy risks. srmHYPER offers a floored yield, benchmarked to the supply-weighted average of USDC/USDT lending rates on Aave v3 Core, plus a 3% risk premium - while still retaining uncapped upside participation in mHYPER performance. Any shortfall to this minimum guaranteed yield, along with underlying strategy & credit risks, is absorbed by the junior tranche, which provides explicit first-loss protection to srmHYPER holders. srmHYPER always earns a share of the yield generated by the protocol on the pooled mHYPER collateral. Its yield has a floor equivalent to the benchmark rate ensuring uncapped upside exposure to mHYPER APY with minimum guaranteed yield and first-loss protection provided by the junior tranche. In extreme scenarios, srmHYPER APY will be equivalent to the mHYPER APY.
Mint Users can mint srmHYPER by depositing mHYPER/USDC/USDT. The amount of srmHYPER received is determined by the real-time srmHYPER/USD exchange rate minus any applicable minting fees by Midas. At the current stage of protocol implementation: * mHYPER and USDC/USDT can be used to mint srmHYPER through the Strata UI. * Minting fees on Strata are currently waived. * srmHYPER minting is temporarily paused when the senior coverage ratio falls below the min. coverage threshold. * srmHYPER can also be acquired on secondary markets using any asset on DEXs.
Redeem When srmHYPER is redeemed, the user receives mHYPER/stablecoins based on the srmHYPER/USD exchange rate, minus any applicable redemption fees. At the current stage of protocol implementation: * srmHYPER can be redeemed for mHYPER and USDC through the Strata UI. * 0–5 bps redemption fee is applied depending on the srmHYPER coverage level. The applicable fee is displayed on the UI prior to confirmation. * mHYPER redemptions are processed instantly, while USDC redemptions follow a <3 days cooldown period, consistent with Midas's mHYPER redemption period. USDC can be claimed in the portfolio section. * srmHYPER can also be traded for other assets on DEXs.
{% hint style="success" %} The srmHYPER [Dashboard](https://app.strata.markets/market/mHYPER?action=buy\&tranche=srmHYPER) on the Strata app displays the current srmHYPER/USDC exchange rate, APY, coverage, and market cap, along with full historical data. All metrics are updated in real time, giving users a clear and accurate view of srmHYPER's performance at any moment. {% endhint %} # jrmHYPER Strata Junior mHYPER Junior mHYPER is a yield-bearing investment product that functions as a market-priced insurance fund, absorbing any shortfall required to meet the senior tranche’s minimum guaranteed yield, while underwriting strategy and counterparty risks. In return, it earns a risk premium from the senior tranche, resulting in potentially higher yields than mHYPER for risk-tolerant investors. jrmHYPER captures the residual returns after the senior tranche is paid and absorbs any underlying strategy losses or underperformance relative to the benchmark. As a result, it outperforms mHYPER during high-yield periods, but may underperform in low-yield environments or when mHYPER incurs losses. In adverse scenarios, jrmHYPER may generate negative returns, reflecting its role as first-loss capital with a high-risk, high-return profile.
Mint jrmHYPER can be minted by depositing mHYPER/stablecoins. The amount of jrmHYPER received is determined by the jrmHYPER/USD exchange rate minus any applicable Midas minting fees. At the current stage of protocol implementation: * mHYPER and USDC can be used to mint jrmHYPER through the Strata UI. * Minting fees on Strata are currently waived. * jrmHYPER can also be acquired on secondary markets using any asset on DEXs.
Redeem When jrmHYPER is redeemed, the user receives mHYPER/stablecoins based on the jrmHYPER/USD exchange rate, minus any applicable redemption fees. At the current stage of protocol implementation: * jrmHYPER can be redeemed for mHYPER and USDC through the Strata UI. * 0–20 bps redemption fee is applied depending on the srmHYPER coverage level. The applicable fee is displayed on the UI prior to confirmation. * jrmHYPER can be redeemed for mHYPER after a cooldown period that ranges from zero up to three weeks, depending on the srmHYPER coverage level. The applicable cooldown is displayed on the UI prior to confirmation. During this cooldown period, jrmHYPER holders remain exposed to jrmHYPER performance. Once the cooldown ends, mHYPER can be claimed or redeemed for USDC in the Portfolio section. * jrmHYPER can also be redeemed for USDC, subject to the jrmHYPER cooldown plus an additional up to 3 days cooldown, consistent with Midas’s mHYPER redemption period. USDC can then be claimed in the Portfolio section. * jrmHYPER redemption is temporarily paused when the srmHYPER coverage ratio falls below the min. threshold. * jrmHYPER can also be traded for other assets on DEXs.
{% hint style="success" %} The jrmHYPER [Dashboard](https://app.strata.markets/market/mHYPER?action=buy\&tranche=jrmHYPER) on the Strata app displays the current jrmHYPER/USDC exchange rate, APY, overperformance, and market cap, along with full historical data. All metrics are updated in real time, giving users a clear and accurate view of jrmHYPER's performance at any moment. {% endhint %} # Midas mM1-USD Structured Yield Products on Midas mM1-USD Midas [mM1-USD](https://midas.app/mm1-usd) is a tokenized investment product powered by [Midas](https://midas.app/) that tracks the performance of the [M1 Capital](https://m1-capital.com/) Master USD Fund, which runs a diverse set of market-neutral strategies across the digital assets space. M1 Capital partnered with Midas and Strata to tokenize and distribute its flagship multi-strategy USD fund in DeFi via risk-tranched products. Strata’s risk-tranching mechanism transforms mM1-USD into two tokenized tranches with clearly structured risk and return profiles. The one-size-fits-all design of Midas mM1-USD is not ideal for many investors across DeFi and TradFi as different capital allocators have varying risk appetites and return expectations, which a single yield product cannot fully satisfy. With senior and junior tranches, investors can access the same underlying fund with the risk-return profile that suits them, from capital preservation to leveraged upside. At the same time, tranching mM1-USD significantly improves the product’s composability across the broader DeFi ecosystem. The protocol introduces two liquid and composable tokens built on Midas mHYPER: **Strata Senior mM1-USD (srmM1-USD)** and **Strata Junior mM1-USD (jrmM1-USD)**. * **srmM1-USD (Senior Tranche):** Senior mM1-USD is a liquid, yield-bearing derivative of mM1 that provides low-risk exposure to M1 Capital's flagship market-neutral strategy. It is designed to exhibit no volatility similar to a yield-bearing dollar while protected against any underlying strategy and counterparty risks. * **jrmM1-USD (Junior Tranche):** Junior mM1-USD is a liquid, yield-bearing derivative of Midas mM1-USD that provides leveraged upside to the M1 Capital’s market-neutral strategy. In exchange, it absorbs any NAV losses during an epoch and underwrites the underlying strategy and counterparty risks as first-loss capital.
#### Market Specifications
Underlying ProtocolMidas
Yield SourcemM1-USD
Base AssetUSDC
Benchmark0%
Performance Fee7.5%
Senior Redemption Fee

0.05% when coverage is above 120%

0.025% when coverage is 110-120%

0% when coverage is below 110%

Junior Redemption Fee0.20% when coverage is above 120%
0.10% when coverage is 110-120%
0% when coverage is below 110%
Senior Cooldown PeriodNone
Junior Cooldown PeriodNone when coverage is above 120%
14 days when coverage is 110-120%
28 days when coverage is below 110%
# srmM1-USD Strata Senior mM1-USD Senior mM1-USD is a liquid, yield-bearing derivative that provides low-risk exposure to the M1 Capital's flagship USD fund. Protected from the downside risk by the junior tranche.
Mint Users can mint srmM1-USD by depositing mM1-USD. The amount of srmM1-USD received is determined by the real-time srmM1-USD/USD exchange rate minus any applicable minting fees by Midas. At the current stage of protocol implementation: * Only mM1-USD can be used to mint srmM1-USD through the Strata UI. * Users need to mint mM1-USD on Midas first and then deposit on Strata to mint srmM1-USD. * Minting fees on Strata are currently waived. * srmM1-USD minting is temporarily paused when the senior coverage ratio falls below the min. coverage threshold.
Redeem When srmM1-USD is redeemed, the user receives mM1-USD based on the srmM1-USD/USD exchange rate, minus any applicable redemption fees. At the current stage of protocol implementation: * srmM1-USD can be redeemed for mM1-USD only through the Strata UI. mM1-USD can be redeemed for stablecoins on Midas. * 0–5 bps redemption fee is applied depending on the srmM1-USD coverage level. The applicable fee is displayed on the UI prior to confirmation. * mM1-USD redemptions are processed instantly.
{% hint style="success" %} The srmM1-USD [Dashboard](https://app.strata.markets/market/mM1-USD?action=buy\&tranche=srmM1-USD) on the Strata app displays the current srmM1-USD/USDC exchange rate, APY, coverage, and market cap, along with full historical data. All metrics are updated in real time, giving users a clear and accurate view of srmM1-USD's performance at any moment. {% endhint %} # jrmM1-USD Strata Junior mM1-USD Junior mM1-USD is a liquid, yield-bearing derivative that provides leveraged upside to the M1 Capital flagship USD fund. In exchange, it absorbs any NAV risk and counterparty risk as first-loss capital.
Mint jrmM1-USD can be minted by depositing mM1-USD. The amount of jrmM1-USD received is determined by the jrmM1-USD/USD exchange rate minus any applicable Midas minting fees. At the current stage of protocol implementation: * Only mM1-USD can be used to mint jrmM1-USD through the Strata UI. * Users need to mint mM1-USD on Midas first and then deposit on Strata to mint jrmM1-USD. * Minting fees on Strata are currently waived.
Redeem When jrmM1-USD is redeemed, the user receives mM1-USD based on the jrmM1-USD/USD exchange rate, minus any applicable redemption fees. At the current stage of protocol implementation: * jrmM1-USD can be redeemed for mM1-USD only through the Strata UI. mM1-USD can be redeemed for stablecoins on Midas. * 0–20 bps redemption fee is applied depending on the srmM1-USD coverage level. The applicable fee is displayed on the UI prior to confirmation. * jrmM1-USD can be redeemed for mM1-USD after a cooldown period that ranges from zero up to four weeks, depending on the srmM1-USD coverage level. The applicable cooldown is displayed on the UI prior to confirmation. During this cooldown period, jrmM1-USD holders remain exposed to jrmM1-USD performance. Once the cooldown ends, mM1-USD can be claimed in the Portfolio section and redeemed for stablecoins on Midas. * jrmM1-USD redemption is temporarily paused when the srmM1-USD coverage ratio falls below the min. threshold.
{% hint style="success" %} The jrmM1-USD [Dashboard](https://app.strata.markets/market/mM1-USD?action=buy\&tranche=jrmM1-USD) on the Strata app displays the current jrmM1-USD/USDC exchange rate, APY, overperformance, and market cap, along with full historical data. All metrics are updated in real time, giving users a clear and accurate view of jrmM1-USD's performance at any moment. {% endhint %} # Saturn USDat Structured Yield Products on Saturn USDat [Saturn](https://saturn.credit/) [USDat](https://saturncredit.gitbook.io/saturn-docs/solution/usdat-overview) is a US Treasuries–backed stablecoin, and [sUSDat](https://saturncredit.gitbook.io/saturn-docs/solution/susdat-overview) is its yield-bearing version, earning yield from T-Bills and dividends on [STRC](https://www.strategy.com/strc), [Strategy’](https://www.strategy.com/)s short-term, high-yield preferred equity. sUSDat is Saturn’s yield-bearing vault token built on the ERC-4626 standard. It represents a user’s share in a managed pool of digital credit exposure, where yield is generated from Saturn’s STRC holdings and automatically passed through to holders. Unlike typical yield-bearing stablecoins, the sUSDat/USDat exchange rate (NAV) is variable, as it reflects changes in STRC’s market price. While STRC is designed to trade close to its par value ($100) through its dividend distribution mechanism, its price can fluctuate based on market expectations around credit risk. We’re seeing a new financial stack take shape across three layers: 1. **Digital Capital** is Bitcoin. 2. **Digital Credit** is Strategy STRC. 3. **Digital Money** & **Digital Yield** built on top of Digital Credit. Michael Saylor outlined a vision of transforming programmable digital credit into digital money and digital yield.
Strata is purpose-built to realize this vision by delivering structured yields on USDat. It transforms sUSDat into programmable tranches, allowing depositors to access STRC Digital Credit yield with fixed rate, no volatility and built-in protection or opt for amplified dividend yields by taking on leveraged exposure to STRC performance and sUSDat volatility and underwriting underlying strategy and collateral risks as first-loss capital. At the same time, the tranching of sUSDat significantly improves the composability of Strategy’s Bitcoin credit product across the broader DeFi ecosystem. The protocol introduces two liquid and composable tokens built on Saturn sUSDat: **Strata Senior USDat (srUSDat)** and **Strata Junior USDat (jrUSDat)**. * **srUSDat (Senior Tranche):** Senior USDat is a yield-bearing derivative of sUSDat that provides low-risk exposure to Saturn’s Bitcoin credit yield via STRC. It is designed to offer a fixed yield (65% of STRC dividend rate) with no volatility and protection against underlying strategy and collateral risks. * **jrUSDat (Junior Tranche):** Junior USDat is a liquid, yield-bearing derivative of sUSDat that provides leveraged upside to sUSDat yield, while absorbing its volatility from STRC exposure and underwriting underlying strategy and collateral risks as first-loss capital.
#### Market Specifications
Underlying ProtocolSaturn
Yield SourcesUSDat
Base AssetUSDat
Benchmark65% of STRC Dividend Rate
Performance Fee0%
Senior Redemption Fee

0.05% when coverage is above 130%

0.025% when coverage is 115-130%

0% when coverage is below 115%

Junior Redemption Fee

0.20% when coverage is above 130%

0.10% when coverage is 115-130%

0% when coverage is below 115%

Senior Cooldown PeriodNone
Junior Cooldown Period

7 days when coverage is above 130%

14 days when coverage is 115-130%

28 days when coverage is below 115%

Min. Coverage Threshold 107.5%
# srUSDat Strata Senior USDat Senior USDat (srUSDat) is a liquid, yield-bearing derivative of USDat that provides low-risk exposure to Saturn’s Bitcoin credit yield via STRC. It offers a fixed yield (65% of the STRC Dividend Rate)\ with no volatility and yield-bearing dollar like characteristics. Any shortfall to this guaranteed yield, along with underlying volatility and strategy risks, is absorbed by the Junior tranche, which provides explicit coverage to srUSDat holders. srUSDat always earns a share of the yield generated by the protocol on the pooled USDat collateral by staking USDat. It offers a guaranteed fixed yield on USDat linked to the benchmark rate with no volatility and first-loss protection provided by the junior tranche against any underlying strategy and collateral risks. In extreme scenarios where the junior tranche is fully depleted, srUSDat would directly receive the sUSDat performance.
Mint Users can mint srUSDat by depositing USDat/sUSDat. The amount of srUSDat received is determined by the real-time srUSDat/USDat exchange rate minus any applicable minting fees by Saturn. At the current stage of protocol implementation: * sUSDat and USDat can be used to mint srUSDat through the Strata UI. * Minting fees on Strata are currently waived. * srUSDat minting is temporarily paused when the senior coverage ratio falls below the min. coverage threshold. * srUSDat can also be acquired on secondary markets using any asset on DEXs.
Redeem When srUSDat is redeemed, the user receives sUSDat based on the srUSDat/USDat exchange rate, minus any applicable redemption fees. At the current stage of protocol implementation: * srUSDat can be redeemed for sUSDat through the Strata UI. * 0–5 bps redemption fee is applied depending on the srUSDat coverage level. The applicable fee is displayed on the UI prior to confirmation. * sUSDat redemptions are processed instantly. * srUSDat can also be traded for other assets on DEXs.
{% hint style="success" %} The srUSDat [Dashboard](https://app.strata.markets/market/USDat?action=buy\&tranche=srUSDat) on the Strata app displays the current srUSDat/USDat exchange rate, APY, coverage, and market cap, along with full historical data. All metrics are updated in real time, giving users a clear and accurate view of srUSDat's performance at any moment. {% endhint %} # jrUSDat Strata Junior USDat Junior USDat (jrUSDat) is a liquid, yield-bearing derivative of USDat that provides leveraged upside to sUSDat yield, while absorbing its volatility from STRC exposure and underwriting underlying\ strategy and collateral risks as first-loss capital. In return, it earns a risk premium from the senior tranche, resulting in potentially higher returns than sUSDat. Junior USDat captures the residual returns after the senior tranche is paid and absorbs any\ shortfall to the guaranteed yield for srUSDat. As a result, it tends to outperform sUSDat\ when its NAV increases but may underperform when sUSDat incurs losses, reflecting its\ role as first-loss capital with a high-risk, high-return profile.
Mint jrUSDat can be minted by depositing USDat/sUSDat. The amount of jrUSDat received is determined by the jrUSDat/USDat exchange rate minus any applicable Saturn minting fees. At the current stage of protocol implementation: * USDat and sUSDat can be used to mint jrUSDat through the Strata UI. * Minting fees on Strata are currently waived. * jrUSDat can also be acquired on secondary markets using any asset on DEXs.
Redeem When jrUSDat is redeemed, the user receives USDat/sUSDat based on the jrUSDat/USDat exchange rate, minus any applicable redemption fees. At the current stage of protocol implementation: * jrUSDat can be redeemed for sUSDat through the Strata UI. * 0–20 bps redemption fee is applied depending on the srUSDat coverage level. The applicable fee is displayed on the UI prior to confirmation. * jrUSDat can be redeemed for sUSDat after a cooldown period that ranges from seven days to four weeks, depending on the srUSDat coverage level. The applicable cooldown is displayed on the UI prior to confirmation. During this cooldown period, jrUSDat holders remain exposed to jrUSDat performance. Once the cooldown ends, sUSDat can be claimed or unstaked for USDat in the Portfolio section. * jrUSDat redemption is temporarily paused when the srUSDat coverage ratio falls below the min. threshold. * jrUSDat can also be traded for other assets on DEXs.
{% hint style="success" %} The jrUSDat [Dashboard](https://app.strata.markets/market/USDat?action=buy\&tranche=jrUSDat) on the Strata app displays the current jrUSDat/USDat exchange rate, APY, overperformance, and market cap, along with full historical data. All metrics are updated in real time, giving users a clear and accurate view of jrUSDat's performance at any moment. {% endhint %} # Hastra PRIME Structured Yield Products on Hastra PRIME Hastra [PRIME](https://hastra.io/prime) is a tokenized deposit into Democratized Prime, a warehouse lending facility that finances Home Equity Lines of Credit (HELOCs) originated by [Figure Technologies](https://www.figure.com/). The facility provides capital to support the origination and funding of HELOCs, giving investors exposure to a diversified pool of residential credit assets secured by homeowners' equity. While HELOCs carry lower risk relative to other credit products, they still have exposure to tail risk events such as interest rate shocks, housing market downturns, liquidity stress etc. The one-size-fits-all design of Hastra PRIME is not ideal for many investors across DeFi and TradFi as different capital allocators have varying risk appetites and return expectations, which a single yield product cannot fully satisfy. Strata is purpose-built to deliver structured yields on PRIME by transforming underlying risk into programmable tranches, allowing depositors to access the underlying yield with built-in protection or opt for higher returns by taking on incremental risk. At the same time, tranching PRIME significantly improves the product’s composability across the broader DeFi ecosystem. The protocol introduces two liquid and composable tokens built on Hastra PRIME: **Strata Senior PRIME (srPRIME)** and **Strata Junior PRIME (jrPRIME)**. * **srPRIME (Senior Tranche):** Senior PRIME is a liquid, yield-bearing derivative of Hastra PRIME that provides low-risk exposure to a HELOC-backed lending facility originated by Figure Technologies. It is designed to offer safe, structurally uncorrelated yield in DeFi with built-in protection against underlying credit and counterparty risks. * **jrPRIME (Junior Tranche):** Junior PRIME is a liquid, yield-bearing derivative of Hastra PRIME that provides leveraged upside to the yield generated from Figure’s HELOC-backed lending facility. It acts as first-loss capital underwriting underlying credit and counterparty risks, and in return earns a risk premium from the Senior tranche.
#### Market Specifications
Underlying ProtocolHastra
Yield SourcePRIME
Base AssetUSDC
BenchmarkNone
Performance Fee5%
Senior Redemption Fee

0.05% when coverage is above 115%

0.025% when coverage is 110-115%

0% when coverage is below 110%

Junior Redemption Fee0.15% when coverage is above 115%
0.075% when coverage is 110-115%
0% when coverage is below 110%
Senior Cooldown PeriodNone
Junior Cooldown PeriodNone when coverage is above 115%
7 days when coverage is 110-115%
14 days when coverage is below 110%
Min. Coverage Threshold105%
# srPRIME Strata Senior PRIME Senior PRIME is a liquid, yield-bearing derivative of Hastra PRIME that provides low-risk exposure to a HELOC-backed warehouse lending facility originated by Figure Technologies. As the senior tranche, it receives priority on cash flows and benefits from a junior capital buffer that absorbs first losses, offering protection against underlying credit risk. This structure enables investors to access stable, institutional-grade private credit yields through a liquid onchain asset with returns that are largely uncorrelated to broader crypto market movements.
Mint Users can mint srPRIME by depositing USDC/wYLDS/PRIME. The amount of srPRIME received is determined by the real-time srPRIME/USD exchange rate minus any applicable minting fees by Hastra. At the current stage of protocol implementation: * PRIME and USDC/wYLDS can be used to mint srPRIME through the Strata UI. * Minting fees on Strata are currently waived. * srPRIME minting is temporarily paused when the senior coverage ratio falls below the min. coverage threshold. * srPRIME can also be acquired on secondary markets using any asset on DEXs.
Redeem When srPRIME is redeemed, the user receives PRIME/USDC/wYLDS based on the srPRIME/USD exchange rate, minus any applicable redemption fees. At the current stage of protocol implementation: * srPRIME can be redeemed for PRIME, USDC and wYLDS through the Strata UI. * 0–5 bps redemption fee is applied depending on the srPRIME coverage level. The applicable fee is displayed on the UI prior to confirmation. * PRIME redemptions are processed instantly, while USDC/wYLDS redemptions follow a cooldown period, consistent with Hastra's PRIME redemption period. USDC/wYLDS can be claimed in the portfolio section. * srPRIME can also be traded for other assets on DEXs.
{% hint style="success" %} The srPRIME [Dashboard](https://app.strata.markets/market/PRIME?action=buy\&tranche=srPRIME) on the Strata app displays the current srPRIME/USDC exchange rate, APY, coverage, and market cap, along with full historical data. All metrics are updated in real time, giving users a clear and accurate view of srPRIME's performance at any moment. {% endhint %} # jrPRIME Strata Junior PRIME Junior PRIME is a liquid, yield-bearing derivative of Hastra PRIME that provides leveraged upside to the yield generated from Figure’s HELOC-backed lending facility. It acts as first-loss capital underwriting underlying credit and counterparty risks, and in return earns a risk premium from the Senior tranche.
Mint jrPRIME can be minted by depositing PRIME/wYLDS/USDC. The amount of jrPRIME received is determined by the jrPRIME/USD exchange rate minus any applicable Hastra minting fees. At the current stage of protocol implementation: * PRIME, wYLDS and USDC can be used to mint jrPRIME through the Strata UI. * Minting fees on Strata are currently waived. * jrPRIME can also be acquired on secondary markets using any asset on DEXs.
Redeem When jrPRIME is redeemed, the user receives PRIME/wYLDS/USDC based on the jrPRIME/USD exchange rate, minus any applicable redemption fees. At the current stage of protocol implementation: * jrPRIME can be redeemed for PRIME, wYLDS and USDC through the Strata UI. * 0–15 bps redemption fee is applied depending on the srPRIME coverage level. The applicable fee is displayed on the UI prior to confirmation. * jrPRIME can be redeemed for PRIME after a cooldown period that ranges from zero up to two weeks, depending on the srPRIME coverage level. The applicable cooldown is displayed on the UI prior to confirmation. During this cooldown period, jrPRIME holders remain exposed to jrPRIME performance. Once the cooldown ends, PRIME can be claimed or redeemed for USDC/wYLDS in the Portfolio section. * jrPRIME can also be redeemed for wYLDS/USDC, subject to the jrPRIME cooldown plus an additional cooldown, consistent with Hastra’s PRIME redemption period. wYLDS/USDC can then be claimed in the Portfolio section. * jrPRIME redemption is temporarily paused when the srPRIME coverage ratio falls below the min. threshold. * jrPRIME can also be traded for other assets on DEXs.
{% hint style="success" %} The jrPRIME [Dashboard](https://app.strata.markets/market/PRIME?action=buy\&tranche=jrPRIME) on the Strata app displays the current jrPRIME/USDC exchange rate, APY, overperformance, and market cap, along with full historical data. All metrics are updated in real time, giving users a clear and accurate view of jrPRIME's performance at any moment. {% endhint %} # Mechanism Overview Yield distribution and protocol revenue mechanism Strata is a structured yield protocol offering risk-tranched products across diverse on-chain and off-chain yields. It introduces a two-tranche system, senior and junior, that separates yield and risk into distinct instruments, enabling differentiated risk-return profiles and tailored risk-reward bundling. * **Senior Tranche:** Designed for capital preservation, the senior tranche offers a stable yield floored at the benchmark rate while retaining uncapped upside participation in the underlying yield, with first-loss protection from the junior tranche against strategy risks. * **Junior Tranche:** Provides leveraged upside to the underlying yield, absorbing underlying yield volatility and other associated risks in exchange for potentially higher returns. ### Yield Distribution At the core of Strata’s design is the [Dynamic Yield Split](/protocol-mechanism/dynamic-yield-split) mechanism, which determines how realized yield from the underlying strategy is distributed between the senior and junior tranches. The mechanism references the underlying APY, benchmark rate, relative liquidity distribution between the two tranches and exogenously defined risk-premium parameters. This system enables the senior tranche to benefit from coverage provided by the junior tranche, while allowing the junior tranche to consistently outperform the underlying yield.
* Senior tranche always earns a share of the underlying yield, floored at the benchmark rate, with upside participation in the underlying yield. In extreme scenarios where junior liquidity is depleted and the underlying APY is below the benchmark rate, the senior tranche simply earns the underlying APY. * Junior tranche captures the residual yield after the senior tranche is paid and functions as first-loss capital. As a result, the junior tranche benefits disproportionately in high-yield environments when the underlying APY exceeds the benchmark rate, but may underperform the underlying yield when it falls below the benchmark. * As the senior tranche grows relative to the junior tranche, the senior TVL ratio increases, pushing the risk premium higher. This compresses the senior tranche’s share of the underlying yield and increases the junior tranche’s expected return as compensation for taking on the incremental risk of greater senior tranche exposure. Effectively, as more conservative capital flows into the senior tranche, the junior tranche must be compensated at an elevated rate to reflect the additional risk absorbed. {% hint style="success" %} This system creates a natural risk–reward equilibrium: investors seeking predictable, protected yields gravitate toward the senior tranche, while investors willing to assume higher risk in exchange for convex upside allocate to the junior tranche. {% endhint %} ### Protocol Revenue & Fees Strata Protocol generates revenue through two types of fees applied to its structured yield products, supporting long-term sustainability and ongoing development. All fees are fully transparent and clearly visible on the app interface. **Performance Fee**\ Strata charges a fixed percentage performance fee on the yield generated from pooled collateral and is disclosed on the respective market docs. All performance fees collected are allocated to the protocol treasury. **Redemption Fee**\ Strata charges a fee when senior and junior tranche assets are redeemed. This fee is vital for managing the platform's liquidity and maintaining a stable operational framework. In particular, the redemption fee helps to mitigate volatility and discourage short-term, speculative withdrawals from senior and junior tranches. The applicable fee is displayed transparently on the frontend prior to transaction confirmation and is disclosed on the relevant market docs. Redemption fee on each tranche is distributed between respective senior and junior tranche holders, with a portion allocated to the protocol treasury. {% hint style="info" %} Performance and redemption fees for the senior and junior tranches for different underlying products are disclosed on their respective [market docs](/markets/ethena-usde). {% endhint %} # Dynamic Yield Split The core mechanism that powers Strata's risk-tranching protocol. ### Overview Strata’s Dynamic Yield Split (DYS) mechanism dynamically distributes realized yield from the underlying strategy between the senior and junior tranches. The mechanism references the underlying APY, benchmark rate, relative liquidity distribution between the two tranches and exogenously defined risk-premium parameters. This mechanism creates a natural balance between risk and reward, ensuring efficient capital utilization while maintaining stability and optmizing risk–reward. #### TVL Ratios $$ TVL\_{ratio\_{sr}} = \frac{TVL\_{sr}}{Total\ TVL} $$ $$ TVL\_{ratio\_{jr}} = \frac{TVL\_{jr}}{Total\ TVL} $$ Where: * $${Total\ TVL}={TVL\_{sr}}+{TVL\_{jr}}$$ * $${TVL\_{sr}}$$ and $${TVL\_{jr}}$$ represent the total underlying asset deposits in the senior and junior tranches, respectively. These ratios determine the distribution of yield and risk between the two tranches. A higher senior TVL ratio indicates greater demand for safety, which increases the risk premium paid to the junior tranche. #### Benchmark Rate Senior tranche offers a minimum guaranteed APY tied to the benchmark rate, which is different for each market. For e.g., the current benchmark rate for Ethena USDe market is supply-weighted average of USDC and USDT lending rates on Aave v3 Core market, calculated as: $$ \text{Benchmark Rate} = \frac{ (\text{Supply}*{USDC} \times \text{LendingAPY}*{USDC}) \+ (\text{Supply}*{USDT} \times \text{LendingAPY}*{USDT}) }{ \text{Supply}*{USDC} + \text{Supply}*{USDT} } $$ {% hint style="info" %} Latest benchmark for each market can be found in their respective [market](/markets/ethena-usde) docs. {% endhint %} #### Senior Tranche Yield $$ APY\_{sr} = \max \left( Floor\ APY\_{sr},\ Base\ APY \times (1 - Risk\ Premium\_{sr}) \right) $$ Where: * $$Base\ APY $$: Yield of the underlying asset (e.g., sUSDe). * $$Floor\ APY\_{sr}$$: Minimum guaranteed APY of the senior tranche linked to the benchmark rate. * $$Risk\ Premium\_{sr}$$​: Percentage of the $$Base APY$$ paid by the senior tranche to the junior tranche for the risk coverage. #### Risk Premium $$ Risk\ Premium\_{sr} = x + y \times (TVL\_{ratio\_{sr}})^k $$ Where: * $$x$$: Baseline risk premium that senior tranche pays to the junior tranche. * $$y$$: Maximum additional premium applied that may be applied as the $$TVL\_{ratio\_{sr}}$$ increases. * $$k$$: Exponential scaling factor controlling the additional premium growth with the $$TVL\_{ratio\_{sr}}$$. As more liquidity flows into the senior tranche, the $$TVL\_{ratio\_{sr}}$$ increases, pushing the risk premium higher — rewarding junior tranche with higher yields for absorbing more risk. | Market | x | y | k | | ------------- | ----- | ----- | --- | | Ethena USDe | 10% | 12.5% | 0.3 | | Neutrl NUSD | 15% | 15% | 0.3 | | Midas mHYPER | 12.5% | 15% | 0.3 | | Midas mM1-USD | 12.5% | 15% | 0.3 | | Saturn USDat | 100% | 0% | 0.3 | | Hastra PRIME | 5.0% | 7.5% | 0.3 | {% hint style="info" %} Initial risk premium parameters are set by the core team, but over time independent professional risk managers will take over, actively modeling and monitoring underlying risks to recommend these parameters. {% endhint %} #### Junior Tranche Yield $$ APY\_{jr} = \frac{(Base\ APY - APY\_{sr}) \times TVL\_{ratio\_{sr}}}{TVL\_{ratio\_{jr}}} + Base\ APY $$ The junior tranche receives: * The base yield from the underlying source, plus * The risk premium paid by the senior tranche, scaled by the TVL ratio between tranches. This structure amplifies returns for the junior tranche, providing leveraged upside to the underlying yield. #### Senior Coverage and Junior Overperformance The senior tranche is backed by additional coverage from the junior tranche and, in exchange, receives a leveraged yield relative to the underlying APY, determined as follows: $$ Coverage\_{srUSDe} = \frac{\text{Total TVL}}{\text{TVL}\_{sr}} $$ $$ Overperformance\_{jrUSDe} = \frac{\text{APY}\_{jr}}{\text{Base APY}} $$ {% hint style="info" %} To prevent sudden depletion of the junior tranche and to maintain adequate coverage for the senior tranche, the protocol enforces protective safeguards. If the senior coverage ratio falls below predefined thresholds, the protocol may temporarily halt senior minting and junior redemptions, or allow junior redemptions only after a lockup period, depending on the underlying market. Additional details are provided in the respective [market](/markets/ethena-usde) docs. {% endhint %} #### Senior & Junior APY Simulations The table below shows the estimated APYs of senior and junior tranches under different underlying APY, benchmark rate and senior TVL ratio scenarios assuming x=15%, y=15% and k=0.3.
# Risks & Mitigations Potential risks of using the Strata Protocol and the mechanisms in place to mitigate them. This section highlights the primary risks associated with using the Strata Protocol, the mechanisms designed to mitigate them, and our ongoing commitment to strengthening protocol resilience. Strata is founded on the principle of balancing risk and yield through transparent, on-chain risk segmentation. By structuring on-chain yields into distinct senior and junior tranches, the protocol allows investors to select exposure aligned with their risk preferences while maintaining capital efficiency across the system. At its core, Strata is built on the belief that scalable yield starts with scalable risk management. As the protocol evolves, continuous refinement of its mechanisms and underlying yield sources will drive Strata’s mission to democratize access to risk-optimized, sustainable on-chain yields. #### **Underlying Collateral & Protocol Risk** * **Description:** Potential insolvency of the underlying protocol or collateral. * **Mitigations:** * Strata builds on vetted protocols only which have repeatedly proven their solvency and transparency through third-party verified proof of reserves, including during major market drawdowns. * In the event of underlying protocol or collateral insolvency, the junior tranche serves as the first-loss capital within the Strata structure. * Find out more about the underlying protocol and collateral risks in their respective docs. #### **Market Risk** * **Description:** Risk of loss due to underlying yield strategy performance. * **Mitigations:** * Senior tranche is principal-protected in the base asset and paid first the share of the yield generated by the protocol based on the Dynamic Yield Split mechanism and any shortfall is covered by the junior tranche. In extreme scenarios (junior TVL \~ 0, underlying APY < benchmark rate), senior APY will be equivalent to the underlying APY. In the event of NAV losses in the underlying strategy, the senior tranche is protected by risk coverage provided by the junior tranche. However, if the junior tranche is fully depleted, the senior tranche may also incur principal losses in dollar terms. * Junior tranche may generate negative yield when the underlying yield falls below the benchmark rate or in the event of a default, resulting in a portion of the junior tranche reserves being allocated to senior tranche to guarantee its floor APY. Junior tranche exchange rate to the underlying base asset continuously rises or falls as the positive/negative yield accrues, and it can lose the principal as well during prolonged negative performance or an underlying default event as it acts as the first-loss capital. #### **Liquidity Risk** * **Description:** Risk of significant liquidity outflows from the protocol potentially impacting overall system stability. For instance, large withdrawals from the junior tranche. * **Mitigations:** * Junior tranche (jrUSDe) redemptions and senior tranche (srUSDe) minting are temporarily suspended when the senior coverage ratio is below 105%. * For NUSD and other markets, the junior tranche redemption lockup period increases from zero up to five weeks as the senior coverage ratio decreases. During this lockup period, junior tranche holders remain exposed to junior tranche performance. * Coverage is a self-balancing mechanism - the thinner it is, the higher the yield for junior tranche, attracting more liquidity. #### **Smart Contract Risk** * **Description:** Vulnerabilities in smart contracts of the underlying protocol, or Strata protocol. * **Mitigations:** * All Strata Protocol smart contracts are audited by reputable audit firms to ensure the highest level of security on the protocol. and audits are published [here](/technical-documentation/audits). * Strata builds only on well-audited smart contracts and integrates with protocols that maintain robust security and risk management standards. * Strata uses internal and third-party softwares to monitor our smart contracts 24/7 and to automatically respond to critical incidents. #### **Operational Security Risk** * **Description:** Certain protocol functionalities, such as emergency rescue functions, are controlled by permissioned roles, which may become compromised. * **Mitigations:** * All admin roles and contract ownership are controlled by timelocks, that have the proposer role assigned to ¾ admin multisig and all end-signers are cold wallets. * All actions are subject to a 48h timelock except pausing of the protocol and can be cancelled by the Guardian, ensuring strong oversight and protection against misconfiguration or compromise. * All multisig & timelock configurations can be accessed [here](/technical-documentation/contracts-details). # Protocol Overview Overview of Strata v1 The protocol is composed of two **ERC-4626 Vaults** (tranches): **Junior (Jrt)** and **Senior (Srt)**.\ Both vaults are implemented as *Meta Vaults*: * Each has a **Base Asset**. * They can also accept additional tokens supported by the underlying **Strategy**. * Example: the **Ethena USDe market** uses **USDe** as the Base Asset and also accepts **sUSDe.** All vault shares are denominated in the **Base Asset**.\ User actions (`deposit`, `withdraw`, etc.) are forwarded to the **CDO contract** (the core orchestrator). The **CDO contract** has two major components: 1. **Strategy** 2. **Accounting** ### Strategy The Strategy contract is responsible for **asset management**. It receives assets from the CDO, stakes them, and must be able to return them when requested. At any point in time, the Strategy reports its **total TVL** (incl. yield). When returning assets, the Strategy uses different mechanisms: * **Direct return**: Instant transfer to a Srt user e.g. `sUSDe` can be returned instantly to an Srt user. * **ERC20 Cooldown (AssetsLock)**: Strategy locks tokens in a cooldown contract. Tokens can be withdrawn after the cooldown period. * **Unstaking Cooldown**: Protocol-specific cooldown period for base assets. e.g. for USDe, the Strategy requests withdrawal from Ethena's `sUSDe`, which itself has a cooldown period. * **Shares Cooldwon (SharesLock):** Strategy locks shares instead of tokens for a set period. After that, the user finalizes at the current exchange rate. * **Fee:** Penalty for exiting Each withdrawal request is handled independently per user. New requests do not extend or affect earlier requests. ### **Coverage-Aware Redemption Flow** The protocol can split Senior Coverage into up to three ranges. For each range, the protocol can apply any combination of: **1. SharesLock** **2. AssetsLock** **3. Fee** These conditions can be used together or separately, depending on coverage. When coverage is low, exits become slower or more expensive, when coverage is high, exits become faster and cheaper. The goal is to protect liquidity and discourage sudden outflow while keeping rules predictable. ### Accounting The Accounting contract performs **pure calculations** for: * `jrtTVL` * `srtTVL` From these, each vault derives its ERC-4626 `exchangeRate` and `totalAssets`. #### Update Cycle On every protocol action (`deposit`, `withdraw`), Accounting is updated: 1. Strategy reports current `totalTVL` at current block timestamp `t1`. 2. Accounting compares against the last saved `totalTVL` at `t0`. 3. **Strategy Gain** is calculated: `gain = totalTVL(t1) - totalTVL(t0)` (For `sUSDe`, this amount is always >= 0) 4. A portion of the gain may be redirected to **reserveTVL** (if the reserve percentage is set). 5. The remaining gain goes to Junior TVL. 6. Calculate Senior's desired gain and subtract from Junior's TVL. #### Gain Splitting **Senior Gain Desired (Target)**: Based on the Senior tranche's target index (APR target), last srtTVL and deltaT. Two cases: **Case A: Strategy Gain >= Senior Gain Desired** * Seniors receive their full target. * Juniors receive the remaining gain. * So finally: `jrtTVL + srtTVL + reserveTVL == totalTVL` **Case B: Strategy Gain < Senior Gain Desired** * Any Senior APR shortfall is covered by the Junior tranche #### Senior Gain Calculations 1. Generic APR calculation for period T0..T1 (Benchmark and Base)\ `Grows_Factor = ExchangeRate_T1 / ExchangeRate_T0 - 1` \ `APR = Grows_Factor / (T1-T0) * 1Year` 2. Senior APR calculation\ `TVL_ratio_sr = TVL_sr / (TVL_sr + TVL_jr)` \ `Risk_Premium = x + y * TVL_ratio_sr ^ k`\ `APR_sr_v1 = APRtarget APR_sr_v2 = APRbase * (1 - Risk_Premium)`\ `APR_sr = MAX(APR_sr_v1, APR_sr_v2)` 3. Senior Gain calculation for period T0..T1\ `Interest_Factor = APR_sr * (T1-T0) / 1Year` \ `Target_Index_T1 = Target_Index_T0 * (1 + Interest_Factor)` `Senior_Gain = TVL_sr * (Target_Index_T1 / Target_Index_T0 - 1)` ### Deposit Flow *(Example with Jrt)* 1. **Update Accounting** * Refresh Strategy TVL and calculate gains for the period `t0 → t1`. * Adjust Junior/Senior TVLs according to Gain Splitting rules. 2. **Calculate Shares (ERC-4626)** * `jrtTVL` is the vault's `totalAssets()`. * User's deposited assets are exchanged for shares proportional to current `jrtTVL`. 3. **Forward Assets to Strategy** * User's tokens are passed into the Strategy for staking. * `jrtTVL` is incremented accordingly. ### Withdrawals Withdrawals follow the same process: * First, Accounting updates TVLs at current block `t1`. * Then, ERC-4626 `totalAssets()` is used to determine how many assets a user receives for redeeming shares. * Strategy may return assets directly or via cooldown mechanisms, as described above. ### APRs Feed The APR Feed contract provides dynamic parameters: * **APR Benchmark** * **APR Base** Whenever these values change, the Feed updates the **Accounting contract**, which recalculates the **Senior Target Index** accordingly.
# Security Audits, multisigs and on-chain monitoring. Strata is committed to a security-centric process across the entire lifecycle of our smart contracts, from development to deployment and ongoing monitoring. ### **Audits** Strata works with top auditors like Cyfrin, Guardian and Quantstamp to secure the protocol smart contracts. Read more here: {% content-ref url="/pages/V9rVyYf8q4CoxfhCbJ1i" %} [Audits](/technical-documentation/audits) {% endcontent-ref %} ### **Multisigs & Timelocks** **Admin Multisig**\ A 3-of-4 Gnosis Safe responsible for executing higher-impact protocol actions that require stricter controls but still occur more frequently than full timelock-governed changes. The Admin Multisig manages roles such as `PAUSER_ROLE` and supervises operational parameters that influence system behavior without altering core protocol logic. All actions are subject to a 48h timelock except pausing the protocol and can be cancelled by the Guardian, ensuring strong oversight and protection against misconfiguration or compromise. **Operational Multisig**\ A dedicated 2-of-3 Gnosis Safe used to execute routine, low-risk protocol actions that require timely updates but do not affect core security parameters. It is managed by trusted contributors and handles tasks such as refreshing APR feeds, performing strategy updates, and maintaining configuration within predefined limits. All activity is constrained by role-based permissions and benefits from additional oversight through the timelock and Guardian. Know more about roles and permissions for multisigs and timelocks to enhance security and transparency: [Roles and Permissions](/technical-documentation/roles-and-permissions) ### **On-Chain Monitoring** Our team has built a comprehensive suite of internal and third-party on-chain monitoring tools and bots that continuously track protocol activity. These systems detect anomalies such as unexpected multisig actions, unusual contract interactions, or deviations in expected protocol behavior. In the event of a critical issue, our monitoring stack can automatically trigger protective responses, including pausing relevant contracts, ensuring rapid mitigation without relying on external infrastructure. # Audits Multiple audits by leading security firms to ensure the highest standard of protocol security. At Strata, we place the utmost importance on the robustness and security of our smart contracts. To uphold this standard, we undergo thorough third-party audits to detect any vulnerabilities, logic flaws, or inefficiencies. These detailed reviews by leading security firms strengthen our protocol’s security and build greater trust with our users. ### **Strata Protocol** Strata completed an extensive, multi-phased audit process to ensure the highest level of protocol security. The initial audit round was performed concurrently by [Cyfrin](https://www.cyfrin.io/) and [Guardian](https://guardianaudits.com/), followed by a second audit phase conducted by [Quantstamp](https://quantstamp.com/). Additionally, differential audits of the redemption fee, cooldown and accounting mechanisms were conducted by Cyfrin and Quantstamp.
AuditorScopeReport
QuantstampDiscrete accounting mechanismStrata Audit Report - Quantstamp
CyfrinCoverage aware redemption mechanismStrata Audit Report - Cyfrin
QuantstampRedemption fee mechanism Strata Audit Report - Quantstamp
QuantstampProtocol v1 contractsStrata Audit Report - Quantstamp
CyfrinProtocol v1 contractsStrata Audit Report - Cyfrin
GuardianProtocol v1 contractsStrata Audit Report - Guardian
### **Pre-Deposit Vaults** The first audit was conducted by Cyfrin, a trusted security partner for major chains and protocols such as zkSync, Linea, Chainlink, Wormhole, Lido, Securitize, Curve, and more. The second audit was conducted by Quantstamp, a leading security firm that has worked with some of the industry’s most notable projects, including Ethereum, Solana, Polygon, Circle, Compound, Lido, Ethena and more.
AuditorReport
CyfrinStrata Pre-Deposit Vaults - Cyfrin
QuantstampStrata Pre-Deposit Vaults - Quantstamp
# Contracts Details Addresses and details of deployed smart contracts and trusted multisigs in the Strata Protocol. ### **Strata v1** Github: ### **Contracts Addresses**
Ethena USDe Market
ContractAddress
srUSDe0x3d7d6fdf07EE548B939A80edbc9B2256d0cdc003
jrUSDe0xC58D044404d8B14e953C115E67823784dEA53d8F
StrataCDO0x908B3921aaE4fC17191D382BB61020f2Ee6C0e20
Accounting0xa436c5Dd1Ba62c55D112C10cd10E988bb3355102
TwoStepConfigManager0x0f93bAC77c3dDD1341d3Ecc388c5F8A180818994
sUSDeStrategy0xdbf4FB6C310C1C85D0b41B5DbCA06096F2E7099F
ERC20Cooldown0xd6dAD17d025cDdDEd27305aEbAB8b277996A6fAF
UnstakeCooldown0x735edDF50Ca2371aa48466469C742e684c610F74
SUSDeCooldownRequestImpl0x00A96056c30A22b684fF7a09F4A0AfEaE426dde2
TrancheDepositor0x50E850641F43F65BF8fB3a7d0CF082a1D252F47e
AprPairFeed0x2bb416614D740E5313aA64A0E3e419B39e800EC2
AaveAprPairProvider0x1c137776e04803F807616c382AbBA12d9BF0AF73
Neutrl NUSD Market
ContractAddress
srNUSD0x65a44528e8868166401eA08b549E19552af589dB
jrNUSD0xFC807058A352b61aEef6A38e2D0fC3990225E772
NeutrlAccessControlManager0x06E84a0Fe0c4Bc5C4ee3eDb580B32eB4B88203E4
NeutrlCDO0x7b6c960cf185fb27ECb91c174FAe065978beDd10
NeutrlERC20Cooldown0x1Abc3c3C15A862276D057b2AcBcFEab358907990
NeutrlUnstakeCooldown0x2a52363A2a0d765B31Cb117a8e4D9CE58c2Bc749
NeutrlSharesCooldown0x0404EA6f1c89a5032eA2BAdDFbac20CE11CdF1cE
SNUSDAprPairProvider0x12DB794342437Aaa93970c106F2B5D5dfE2f9EaB
NeutrlAprFeeds0x1695a2fF3e45365Ab4111d2E1083B2A143b4D171
NeutrlAccounting0x5eFE7C9DA88568709E98b237D4D946aFbDA2aA52
NeutrlStrategy0x3CeF2c09c4fAD37E9bdD86CD9810c3042fB5DE88
TrancheDepositor0x7945e45c2F39bE3A0cbF467F3fae982C17CB4Bf7
NeutrlConfigManager0x60DAe21944e6c1F4a185d33a217B05bFD647Eb79
Midas mHYPER
ContractAddress
srmHYPER0x627EA69929212916Ec57B1b26d2E1a19F6129B53
jrmHYPER0xEb205d26E9E605Ec82d1C0d652E00037C278714b
MHyperAccessControlManager0xd61990C228Fa5D4223231Bf90896899daaD399B8
MHyperCDO0x39C7E67b25fB14eAec8717B20664C2E35327e6cf
MHyperERC20Cooldown0x71EC07BbA60E854c4b2466068bE1c8d5b5788Fda
MHyperUnstakeCooldown0x7910cB19A4F5A36CAa2bed0AF82cBFFf2E08805c
MHyperSharesCooldown0xce70434dDbaDAdB785AB391B45Ed3B1e8dDEB3F1
MidasCooldownRequestImpl0x6cE2fa93fcCd8796351f6c54289E8D9877A12348
MHyperMidasStrategy0x8071500D237A8da2a2a020419d7BB5f8e2Fd184d
MHyperAaveOracleAprPairProvider0x991E78DF32A08B5327F73A58f08Aff0c1Bb929aA
MHyperAprFeeds0xecE4808A7D2076a6eAC56333FD6dcFc0EAf28D64
MHyperAccounting0xAf32D44D510B82b64f13602f4A22c6A7FfF2b228
TrancheDepositorV30xD8Ea6461a616f7E1e0F0D1EeedD15E26c02e7823
MHyperConfigManager0xef99111e5A16a53B3324e6d466d9fe387eE7a95a
Midas mM1-USD
ContractAddress
srmM1-USD0xCcEd21d609CaC4A272d0c01a8FF4de9cEBc40d60
jrmM1-USD0xf7eB8dfec75C42D2d2247FE76Ccaedc59f821688
MM1USDAccessControlManager0x040EF225f885fc1e0D3Bd09f3Acc02f707f8c74a
MM1USDCDO0x613D1790d9BA381D27B4071C04380Db8ED120E5f
MM1USDERC20Cooldown0x4c2680ae06A0bB0B091E5CCCA13CB03f4f72296E
MM1USDUnstakeCooldown0x6f6904ED406Cefb34893054A742C6148E9D681C1
MM1USDSharesCooldown0x83c11B746d7C942c49D981055E782e727A0A59e1
MidasCooldownRequestImpl0xB4605C3091Eb09a4199bc6993f0E3E0a55F7752E
MidasStrategy0xeed127d3874B003D91F0Bf35Ba7DE3e9E1C18c75
MM1USDConstantOracleAprPairProvider0x8b7258e8CC89894b56F757Bc886b430D0C018Bf0
MM1USDAprFeeds0xd2923D964bF05e3Eb7528e73BB093f5D2CE32044
MM1USDAccounting0xE4A3A21Cf73a8F34fc7f45D7FcE99c569AbB2A4A
MM1USDConfigManager0x7a0F6F613C27BfA5AEEe3F94e1dF0ECcB589B30e
Saturn USDat
ContractAddress
srUSDat0xFaa9a0e1Db9E22AE3A20B2B58a68DC24D053d066
jrUSDat0x011e55d2b28306458e37Ca7E997C879BB25A455D
SaturnAccessControlManager0x6cE1aA78a196AF86b752B92a2DAEE047AB601c36
SaturnCDO0xa617763cEB808f43eC9D532cbE8C65819afb846b
SaturnERC20Cooldown0x25138D10837AB0278eb860454e1045f2b92929ab
SaturnUnstakeCooldown0x616Af703D5739f2122AF48C0d1cE0b37E09381ac
SaturnSharesCooldown0xE851DEa9e36f992590F2e33281665E159a455b66
SaturnCooldownRequestImpl0xFB8Db761FD3Be2a4255fD74230656654799Ac84E
SaturnStrategy0xce7B00D1004d9ED22E702A6a7F5bBdcE7297B090
SaturnAprPairProvider0x4bcc15f6C0c63E511a1b55a7625f311a93854bE8
SaturnAprFeeds0x21d616977F355afD0eaB7A1D11C9fd58C8579115
SaturnAccounting0x180f7b3b807FA91EDb6e864802e4664D6Ee8Cf88
SaturnConfigManager0x03DBBc507360A16f477e53AF985261c3cE11DBcc
Hastra PRIME
ContractAddress
srPRIME0x35bFF778d3fc53a561486BF28e761428499232Eb
jrPRIME0xF4C91F24E20EE8ed5eda905E501A1136334C2F27
FigureAccessControlManager0xD5d18DB904Fe7dF2207c3f9491C5441143e44014
FigureCDO0xff408b4843CDD4a33CD49EB2aBe057fE8D71C234
FigureERC20Cooldown0xbE71D21addBA5c9aAc5B4e006dB1715ef1e324BE
FigureUnstakeCooldown0x440938FCb03D64AFe50A8168d4b3cfCC341bFbAA
FigureSharesCooldown0xeb30F897Fc0AC646b8130e222aAb53cD9Bb4F693
FigureCooldownRequestImpl0x837ab05BB244C4A6528f1eCC9a2EC04041127DA4
FigureStrategy0x80187fD8e22E8951104b4Dd5E37037510CF51C9e
FigureConstantOracleAprPairProvider0xd7bAc4d57a2cae923b3dc7Dd21398Ed707B9eADC
FigureAprFeeds0xd1Fc85A0993Ecf975AEEaf92C0764AF8a182e4E9
FigureAccounting0x0e90b8971bC0aBba696641eee85b39fD986267D7
FigureConfigManager0xf4FF82553Beba0a18834d708e4F78e36937C4Ddc
Nest nOPAL
ContractAddress
srnOPAL0x8a646Edc4633ADBA5Ec87DedaF3Af958e268FE96
jrnOPAL0x1b2b8cFEF0b7B1Fad216b55fefeEb0c3349Da141
NestOpalAccessControlManager0x1442fECD042D8D42D43a6f21bb844f1CDA000294
NestOpalCDO0xaE212D8515BA65C719f23dBad6bF73B74d4e4edE
NestOpalERC20Cooldown0xFbEd608dB47B14482653728B8c286dfFA5226efC
NestOpalUnstakeCooldown0x03B444D7ed10dCb31C37B6E78F4b1475ddCac309
NestOpalSharesCooldown0x2bca3e309a851472a2b8fF80F50e8CD581044B47
NestOpalNestOpalStrategy0x5aeCBb5719a9468CdCfa6673d1DDC1Cf72a5a4aA
NestAccountantAprProvider0x0c3bDB3922F8baccaDE41376bD8504854BF563a7
NestOpalAprFeeds0x2DA8acD5f4789F290ea1A1A9818fB3E3677BfaCd
NestOpalAccounting0xB6F3d2deF3058d4Faf07E7104DE2f69c638f2BF7
NestOpalConfigManager0xbe865C6481f806b26045a855395001bd7a98c518
TrancheDepositor0x4a9b53480d93167727054f3e310c97e41b84556e
### **Contracts Descriptions**
srUSDe/srNUSD/srmHYPER/srmM1-USD/srUSDat/srPRIME Senior Tranche — an ERC-4626 Meta Vault supporting deposits and redemptions in multiple tokens.
jrUSDe/jrNUSD/jrmHYPER/jrmM1-USD/jrUSDat/jrPRIME Junior Tranche — uses the same codebase as the Senior Tranche. Reward and behavior differences are handled by the StrataCDO.
StrataCDO Strata CDO Orchestrator — connects all core protocol components: Tranches, Accounting, Strategy.
Accounting Performs raw TVL calculations for Junior, Senior, and Reserve. Tracks balances, inflows/outflows, accrues fees, and distributes rewards.
TwoStepConfigManager Manages exit-fee updates through a secure, two-step governance process:\ **Step 1 – Schedule:** A new exit-fee configuration is proposed and queued (callable by `PROPOSER_CONFIG_ROLE`).\ **Step 2 – Execute:** After the mandatory delay has elapsed, the scheduled configuration can be applied to the underlying CDO (callable by `UPDATER_STRAT_CONFIG_ROLE`).
sUSDeStrategy Handles deposits of USDe into the sUSDe Vault (also accepts sUSDe directly).\ Manages instant and cooldown-based withdrawals, routing tokens through the correct cooldown contracts when required.
sNUSDStrategy Handles deposits of NUSD into the sNUSD Vault (also accepts sNUSD directly).\ Manages instant and cooldown-based withdrawals, routing tokens through the correct cooldown contracts when required.
mHYPERStrategy Handles deposits of USDC into the mHYPER Vault (also accepts mHYPER directly).\ Manages instant and cooldown-based withdrawals, routing tokens through the correct cooldown contracts when required.
mM1-USDStrategy Handles deposits of mM1 into the mM1 Vault directly. Manages instant and cooldown-based withdrawals, routing tokens through the correct cooldown contracts when required.
SaturnStrategy Handles deposits of USDat into the sUSDat Vault (also accepts sUSDat directly).\ Manages instant and cooldown-based withdrawals, routing tokens through the correct cooldown contracts when required.
FigureStrategy Handles deposits of wYLDS/USDC into the PRIME Vault (also accepts PRIME directly).\ Manages instant and cooldown-based withdrawals, routing tokens through the correct cooldown contracts when required.
ERC20Cooldown Locks ERC-20 tokens for a specified cooldown period before withdrawal finalization.
UnstakeCooldown Handles unstaking required assets before withdrawals. Users finalize withdrawal after the unstake period completes.
sUSDeCooldownRequestImpl Implements the cooldown and unstaking workflow specifically for sUSDe withdrawals.
sNUSDCooldownRequestImpl Implements the cooldown and unstaking workflow specifically for sNUSD withdrawals.
MidasCooldownRequestImpl Handles the cooldown request, finalization and asset transfer for unstaking Midas tokens
SaturnCooldownRequestImpl Implements the cooldown and unstaking workflow specifically for sUSDat withdrawals.
FigureCooldownRequestImpl Implements the cooldown and unstaking workflow specifically for PRIME withdrawals.
TrancheDepositor Utility contract used to route deposits from various sources (pUSDe redemptions, USDe/sUSDe swap routes) before depositing into a Tranche.
sNUSDSwapAdapter Mints NUSD using supported tokens (USDC, USDT, USDe).
AprPairFeed Provides the Collateral and Benchmark APR inputs used by the Accounting contract for TVL and reward calculations.
sUSDeAprPairProvider Fetches Benchmark APR from Aave and Base APR from Ethena's sUSDe.
sNUSDAprPairProvider Fetches Benchmark APR from Ethena's sUSDe and Base APR from Neutrl's sNUSD.
AaveAprPairProvider Fetches and computes raw APR values from Aave — including both the Benchmark APR and the Collateral APR sourced from the sUSDe Vault.
SaturnAprPairProvider Provides the Collateral and Benchmark APR inputs used by the Accounting contract for reward calculations.
FigureConstantOracleAprPairProvider Provides the Collateral and Benchmark APR inputs used by the Accounting contract for reward calculations.
### **Trusted Addresses**
NameAddress
Admin Multisig (3/4)0xA27cA9292268ee0f0258B749f1D5740c9Bb68B50
Operational Multisig (2/3)0x4be3749a0F6557b8fd98F3967e859DbD7C694eF4
Timelock (48hr)0xb2A3CF69C97AFD4dE7882E5fEE120e4efC77B706
Timelock (24hr)0x4f2682b78F37910704fB1AFF29358A1da07E022d
Guardian0x277D26a45Add5775F21256159F089769892CEa5B
**Admin Multisig** * 3-of-4 Gnosis Safe * All signers are cold wallets * 4 keys held by internal team members and founding core contributors * Internal team members have separate signing devices * At least three signers must validate that the transaction hashes being signed on the UI match what the wallet sees **Operational Multisig** * 2-of-3 Gnosis Safe * All signers are cold wallets * All keys held by internal team members and founding core contributors * Internal team members have separate signing devices * At least two signers must validate that the transaction hashes being signed on the UI match what the wallet sees **Timelock (48hr)** * Minimum Delay: 48 hours * PROPOSER\_ROLE: Admin Multisig (`0xA27cA9292268ee0f0258B749f1D5740c9Bb68B50`) * CANCELLER\_ROLE: Guardian (`0x277D26a45Add5775F21256159F089769892CEa5B`) **Timelock (24hr)** * Minimum Delay: 24 hours * PROPOSER\_ROLE: Admin Multisig (`0xA27cA9292268ee0f0258B749f1D5740c9Bb68B50`) **Guardian** * *Patrick Collins:* Security Researcher, Co-Founder & CEO at [Cyfrin](https://www.cyfrin.io/) * Provides an additional security layer on top of the timelocks and enhances protocol safety by preventing malicious, compromised, or unsafe governance actions during the timelock delay window * Veto/Cancel Timelock Actions: Holds the authority to cancel harmful or suspicious timelock transactions before execution * Active Monitoring: Continuously monitors queued timelock transactions using a combination of custom internal monitoring tools and third-party security systems (e.g. Hypernative). * Threat Mitigation: Responds to anomalies by cancelling transactions and alerting contributors # Roles and Permissions Roles and permissions for multisigs and timelocks to enhance security and transparency. The protocol uses a role-based access control system managed through the **AccessControlManager** contract. **AccessControlManager** `0x1d19E18ECaC4ef332a0d5d6Aa3a0f0f772605f60` Each role is assigned to a specific caller (multisig or timelock) and governs sensitive protocol actions. **PAUSER\_ROLE**\ **Callable by:** Admin Multisig\ **Description:** Pause or resume deposits and redemptions in Senior and Junior tranches.\ **Functions:** * `StrataCDO::setActionStates`\ Sets action states for the tranche * `StrataCDO::setJrtShortfallPausePrice`\ Sets the JRT shortfall price at which deposits automatically pause **UPDATER\_FEED\_ROLE**\ **Callable by:** Operational Multisig\ **Description:** Triggers APR refresh and recalculation.\ **Functions:** * `Accounting::onAprChanged`\ Triggers fetching new APRs to update `srtTargetIndex` * `AprPairFeed::updateRoundData`\ Pulls APR values from the provider and updates when deviation is detected **UPDATER\_STRAT\_CONFIG\_ROLE**\ **Callable by:** 24h Timelock\ **Description:** Updates strategy risk parameters and cooldown periods.\ **Functions:** * `Accounting::setRiskParameters` * `sUSDeStrategy::setCooldowns` **RESERVE\_MANAGER\_ROLE**\ **Callable by:** 24h Timelock\ **Description:** Redistributes reserve back to tranche TVL or withdraws protocol reserve to the treasury wallet.\ **Functions:** * `StrataCDO::reduceReserve`\ Transfers reserve to the treasury * `StrataCDO::distributeReserve`\ Distributes reserve assets to the tranches * `StrataCDO::setReserveTreasury`\ Sets the treasury wallet for reserve withdrawals **PROPOSER\_CONFIG\_ROLE**\ **Callable by:** Admin Multisig\ **Description:** Proposes changes to exit-fee configuration parameters in the TwoStepConfigManager contract.\ **Functions:** * **`TwoStepConfigManager::scheduleExitFeeChange`**\ Schedules a new exit-fee configuration to take effect after the required delay. **OWNER\_ROLE**\ **Callable by:** 48h Timelock\ **Description:** High-level protocol methods that modify configuration.\ **Functions:** * `Accounting::setAprPairFeed`\ Sets the APR feed contract * `Accounting::setReserveBps`\ Sets the percentage of gains allocated to reserves * `Accounting::setFeeRetentionBps`\ Sets the portion of fees returned to tranche TVL (remainder goes to reserve) * `Accounting::setMinimumJrtSrtRatio`\ Hard minimum Jrt/Srt ratio below which Jrt withdrawals are halted * `Accounting::setMinimumJrtSrtRatioBuffer`\ Protective buffer ratio at which Srt deposits are halted * `UnstakCooldown::setImplementations`\ Sets unstake implementations for supported assets (e.g. sUSDe) * `AprPairFeed::setProvider`\ Sets the new APR provider * `AprPairFeed::setRoundStaleAfter`\ Sets the duration after which a round becomes stale # Strata Points Program Strata Points & partner incentives The Strata Points Program is an incentive mechanism designed to reward early users and liquidity providers with Strata points for helping bootstrap the Strata ecosystem. As a decentralized protocol, Strata’s strength lies in its community, and Points are how we measure and showcase these contributions on‑chain. Strata Points and partner incentives can be earned by using Strata, engaging with ecosystem partners, and inviting new users. The program recognizes and tracks contributions across multiple seasons, rewarding those who actively support the protocol’s growth. {% hint style="info" %} Please refer to the [Strata app](https://app.strata.markets/points) for the latest earning activities, integrations, and associated points multipliers or other incentives offered by Strata and the partner protocols, as Strata continues to onboard new partners across the DeFi ecosystem. {% endhint %} # FAQs Everything you need to know. ### General
What is Strata? Strata is a generalized risk-tranching protocol that brings structured yield products to any on-chain or off-chain yield strategy by splitting yield into tokenized senior and junior tranches, each tailored to distinct risk–reward profiles. The protocol introduces two liquid and composable tokens built on the underlying yield product, **Strata Senior Tranche** and **Strata Junior Tranche**.
What problem does Strata solve? Strata provides on-chain allocators with structured access to yield products across the risk–reward curve. * Senior Tranche is suitable for conservative users, offering safe and predictable yields. * Junior tranche is suitable for risk-tolerant users seeking higher-yield opportunities with greater upside. \ Know more about Strata’s value proposition here: [Why Strata](/introduction/why-strata)
I have a partnership request. How can I proceed? Partnership requests can be directed to the Strata team via Discord, or email ().
I’m interested in career opportunities at Strata. Where can I apply? Send your resume and details about your skillset to: .
### Strata Basics
What are senior and junior tranches? **Strata Senior Tranche**\ An over-collateralized, yield-bearing synthetic dollar, representing the senior risk tranche in Strata’s structure. It delivers superior risk-adjusted yield by providing protection against underlying strategy and collateral risks, guaranteed minimum yield tied to the benchmark rate, and uncapped upside exposure to the underlying yield. **Strata Junior Tranche**\ A yield-bearing investment product, representing the junior risk tranche in Strata’s structure. It provides leveraged upside to the underlying yield while simultaneously functioning as a liquid insurance pool for the senior tranche. By absorbing excess risk and volatility associated with the underlying yield strategy, junior tranche earns a risk premium from the senior tranche, delivering potentially higher yields for risk-tolerant investors.
What is risk-tranching? Risk-tranching is a way to split a single pool of assets or cash flows into distinct layers (tranches), each with a clearly defined risk–reward profile. This allows different users to choose exposure that matches their risk appetite, rather than everyone earning the same blended APY with hidden risks. By design, risk-tranching makes risk explicit and intentional. Strata implements this fully on-chain by transforming a one-size-fits-all yield into two tokenized, risk-based tranches: senior and junior. The senior tranche is a yield-bearing token with priority on cash flows, while the junior tranche is a risk-bearing token that absorbs losses first in exchange for higher potential returns.
Will Strata launch senior and junior tranches on more yield sources? Yes, Strata will expand to offer a wider range of structured yield products built on diverse on-chaina and off-chain yield products, transforming them into over-collateralized, yield-bearing synthetic dollars (senior tranche) and liquid, high-yield investment products (junior tranche) through its generalized risk-tranching mechanism.
Does Strata custody my assets? No, Strata is fully non-custodial and uses audited smart contracts to manage deposits and redemptions, ensuring that users maintain control of their assets at all times subject to protocol rules.
### Minting & Redemption
Can anyone mint or redeem senior and junior tranche tokens through Strata? Yes, anyone can mint or redeem senior and junior tranche tokens through Strata, as Strata is a fully permissionless protocol, though users must comply with any restrictions associated with their jurisdiction.
How does srUSDe and jrUSDe redemptions work? When srUSDe is redeemed, the user receives USDe/sUSDe based on the srUSDe/USDe exchange rate, minus any applicable redemption fees. At the current stage of protocol implementation: * srUSDe can be redeemed for USDe and sUSDe through the Strata UI. * 2.5 bps redemption fee. * sUSDe redemptions are processed instantly, while USDe redemptions follow a 7 day cooldown period, consistent with Ethena’s sUSDe unbonding period. USDe can be claimed after 7 days in the portfolio section. * srUSDe can also be traded for other assets on DEXs. When jrUSDe is redeemed, the user receives USDe/sUSDe based on the jrUSDe/USDe exchange rate, minus any applicable redemption fees. At the current stage of protocol implementation: * jrUSDe can be redeemed for USDe and sUSDe through the Strata UI. * Redemption fee is 10 bps. * jrUSDe can be instantly redeemed for sUSDe while USDe redemptions follow a 7 day cooldown period, consistent with Ethena’s sUSDe unbonding period. USDe can be claimed after 7 days in the portfolio section. * jrUSDe redemption is temporarily paused when the srUSDe coverage ratio falls below 105%. * jrUSDe can also be traded for other assets on DEXs.
How does srNUSD and jrNUSD redemptions work? When srNUSD is redeemed, the user receives NUSD/sNUSD based on the srNUSD/NUSD exchange rate, minus any applicable redemption fees. At the current stage of protocol implementation: * srNUSD can be redeemed for NUSD and sNUSD through the Strata UI. * 0–5 bps redemption fee is applied depending on the srNUSD coverage level. The applicable fee is displayed on the UI prior to confirmation. * sNUSD redemptions are processed instantly, while NUSD redemptions follow a 10 day cooldown period, consistent with Neutrl's sNUSD unstaking period. NUSD can be claimed in the portfolio section. * sNUSD can also be traded for other assets on DEXs. When jrNUSD is redeemed, the user receives NUSD/sNUSD based on the jrNUSD/NUSD exchange rate, minus any applicable redemption fees. At the current stage of protocol implementation: * jrNUSD can be redeemed for NUSD and sNUSD through the Strata UI. * 0–20 bps redemption fee is applied depending on the srNUSD coverage level. The applicable fee is displayed on the UI prior to confirmation. * jrNUSD can be redeemed for sNUSD after a cooldown period that ranges from zero up to five weeks, depending on the srNUSD coverage level. The applicable cooldown is displayed on the UI prior to confirmation. During this cooldown period, jrNUSD holders remain exposed to jrNUSD performance. Once the cooldown ends, sNUSD can be claimed in the Portfolio section. * jrNUSD can also be redeemed for NUSD, subject to the sNUSD cooldown plus an additional 10-day cooldown, consistent with Neutrl’s sNUSD unstaking period. NUSD can then be claimed in the Portfolio section. * jrNUSD redemption is temporarily paused when the srNUSD coverage ratio falls below the min. threshold. * jrNUSD can also be traded for other assets on DEXs.
Where can I claim my assets after cooldown? You must manually claim USDe/sUSDe or NUSD/sNUSD after redeeming srUSDe/jrUSDe or srNUSD/jrNUSD. Go to the "Portfolio" section on the Strata App and click the "Pending Claims" tab. You can view the assets that are currently in cooldown/unstaking or ready to be claimed/unstaked.
### Yield Calculation & Distribution
How is yield generated? Yield comes entirely from pooled collateral which is staked for its yield-bearing version. Strata’s Dynamic Yield Split is the core mechanism that allocates yield generated from the pooled collateral between senior and junior tranche.
How do I earn yield? Both senior and junior tranche are yield-bearing assets and built on ERC-4626 contracts with the same base asset that depends on the underlying market. Senior tranche exchange rate to the underlying base asset always remains above 1 and continues to increase over time as yield accrues. It always earns a portion of the yield generated on the pooled collateral after paying a risk premium to the junior tranche. This premium is determined by the underlying yield and the relative liquidity across both tranches, and is effectively priced by the market. Its yield has a floor equivalent to the benchmark rate and uncapped upside exposure to the underlying yield. Junior tranche may generate a negative yield when the underlying yield falls below the benchmark rate or in the event of a default, resulting in a portion of the junior tranche reserves being allocated to senior tranche to guarantee its floor APY. Junior tranche exchange rate to the underlying base asset continuously rises or falls as the positive/negative yield accrues, and it can fall below 1 as well during prolonged negative performance or an underlying default event.
How are senior and junior APYs calculated? Strata’s Dynamic Yield Split (DYS) mechanism dynamically distributes realized yield from the underlying strategy between the senior and junior tranches. The mechanism references the underlying APY, benchmark rate, relative liquidity distribution between the two tranches and exogenously defined risk-premium parameters. The yield calculation methodology is explained here: [Dynamic Yield Split](/protocol-mechanism/dynamic-yield-split).
How often are senior and junior APYs calculated? The yield allocation dynamically adjusts on every protocol event based on the underlying yield, benchmark rate and liquidity in both pools. A detailed technical overview of the protocol and yield distribution mechanism can be found in the [Protocol Overview](/technical-documentation/protocol-overview).
### Strata Points & Rewards
What is the Strata Points Program? Strata Points Program is an incentive mechanism designed to reward early users and liquidity providers with Strata Points for helping bootstrap the Strata ecosystem. As a decentralized protocol, Strata’s strength lies in its community, and Strata Points are how we measure and showcase these contributions onchain. Strata Points and partner incentives can be earned by using Strata, engaging with ecosystem partners, and inviting new users. The program recognizes and tracks contributions across multiple seasons, rewarding those who actively support the protocol’s growth.
What is Strata Season 1? Strata Public Mainnet and Season 1 officially launch on Monday, October 13th at 12:00 UTC. This milestone marks a major step forward, marking the transition from the pre-deposit phase to full protocol launch. To support the debut of our first structured yield products built on Ethena USDe, Strata introduced a new season in its Points Program: Season 1. Users who participate in Season 1 Ethena USDe market receive Strata and Ethena Points apart from the underlying yield of srUSDe and jrUSDe. Season 0 participants receive an additional 15% boost in Season 1 Points. Similarly, Neutrl NUSD market participants receive Strata Points as well as Neutrl Points.
What is Strata Season 0? Season 0 is the first step in our journey toward the mainnet deployment. This pre-launch, pre-deposit phase is designed to kickstart our platform, onboard USDe collateral, and introduce the Strata Points Program. Users who participate in Season 0 receive boosted Strata Points, along with Ethena and Ethereal points, plus additional rewards.
How long is Season 1 expected to run? Season 1 is expected to run until the TGE of Strata Protocol.
How do I earn Strata Points and other rewards? Strata and Ethena Points can be earned by holding senior and junior tranche tokens, engaging with ecosystem partners, and inviting new users. The program recognizes and tracks contributions across multiple seasons, rewarding those who actively support the protocol’s growth. Latest partners integrations and rewards can be found [here](https://app.strata.markets/points) on the Strata UI.
Is there any referral program? Yes! You receive 10% of the Strata Points earned by anyone who signs up using your unique referral link. Referees get a 10% Strata Points boost when joining through a referral link.
### Risks & Mitigations
What are the risks associated with senior and junior tranches? Potential risks of using the Strata Protocol and the mechanisms in place to mitigate them can be found here: [Risks & Mitigations](/protocol-mechanism/risks-and-mitigations)
What happens if the junior tranche is too small? To prevent sudden depletion of the junior tranche and to maintain adequate coverage for the senior tranche, the protocol enforces protective safeguards. If the senior coverage ratio falls below predefined thresholds, the protocol may temporarily halt senior minting and junior redemptions, or allow junior redemptions only after a lockup period, depending on the underlying market. Additional details are provided in the respective [market](/markets/ethena-usde) docs. Coverage is a self-balancing mechanism - the thinner it is, the higher the yield for junior tranche, attracting more liquidity.
Is Strata audited? Strata Protocol has completed multiple audits by leading security firms to ensure the highest level of security. The audit reports can be found here: [Audits](/technical-documentation/audits).
{% hint style="info" %} **Disclaimer**\ Strata Points do **not** represent equity, fees, or a claim on Strata’s treasury. They have no secondary‑market value and are subject to change as the program evolves. Always consult the Strata app and official announcements for the latest rules and timelines. {% endhint %} # Brand Kit Official Strata brand kit and media assets You can find the latest Strata brand kit here: [Brand Kit](https://strata.markets/brand-kit) # Terms of Service Strata Terms of Service | Last Updated: 28 November 2025 #### **⚠️ PLEASE READ CAREFULLY BEFORE USING THE INTERFACE** *** ### Plain-English Summary * **Non-custodial:** You always use your own self-custodied wallet. The Interface never holds, controls, or accesses your assets. * **High risk:** Using decentralised smart contracts is risky. Bugs, hacks, liquidations, and market moves can cause irreversible loss of digital assets. * **Irreversible:** All blockchain transactions executed through your self-custodied wallet are final and cannot be reversed, cancelled, or modified once confirmed on the network. No party can assist in reversing or recovering transactions, and you are solely responsible for verifying all transaction details before signing and submitting them. * **No guarantees:** Interacting with the Interface or the Protocol does not create rights of any kind (including, without limitation, any right to receive tokens, yield, allocations, governance, rewards, or future access). Nothing in the Interface or the Protocol constitutes a promise, commitment, or expectation of future benefits. * **No advice / no offer:** Nothing on or via the Interface is financial, investment, legal, or tax advice. Nothing is an offer or solicitation of securities, derivatives, or any regulated financial product. * **Access restrictions:** The Interface must not be used from certain countries and regions (see Section 3). * **Your responsibility:** You are fully responsible for your wallet, keys, devices, security practices, and checking your own legal and tax obligations. * **Disputes:** Disputes are subject to binding individual arbitration and a class-action waiver (see Section 14). *** ### **1. Acceptance of Terms** By accessing or using the web interface and any related front-end hosted by or on behalf of Frontera Labs, Inc. (the “Company”, “we”, “us”, or “our”) (collectively, the “Interface”), you agree to be legally bound by these Terms of Use (the “Terms”). The Company does not own, control, or operate the underlying smart-contract protocol that you may interact with through the Interface (the “Protocol”). The Protocol is an autonomous set of publicly accessible, source-available smart contracts licensed under the Business Source License (BUSL-1.1) and deployed on supported public blockchain networks. No founder, developer, contributor, advisor, community member, or other person assumes personal obligations towards you by virtue of these Terms. *** ### 2. The Protocol Is Not Part of the Services The Interface and any content, tools, or functionality offered through it are collectively the “Services”. The Services consist solely of a user interface that displays publicly available blockchain data and enables users to submit transactions to the Strata Protocol (the “Protocol”) through their own self-custodial third-party wallet applications. The Protocol is a set of autonomous, BUSL-licensed smart contracts deployed on public blockchain networks. The Protocol and the blockchain networks on which it operates are not part of the Services. A general description of the Protocol’s architecture, design, and functionality is available at: . The Interface is merely one optional means of interacting with the Protocol. Users may interact with the Protocol directly on-chain, through other independently developed interfaces, or through custom applications without using the Interface or any other Services provided by the Company. Other developers may create or operate their own user interfaces that read from, or submit transactions to, the Protocol’s smart contracts. The Company does not control or operate the blockchain networks on which the Protocol is deployed, does not control the transactions that users broadcast to the Protocol, and does not take possession, custody, or control of any digital assets transmitted through the Protocol. All transactions are executed directly by users’ own wallets interacting with autonomous smart-contract code. The Company does not manage, intermediate, route, or transmit digital assets on your behalf. > You acknowledge and agree that the Company makes no representations, warranties, or assurances regarding the operation, performance, security, or availability of the Protocol or of any underlying blockchain network. Your interaction with the Protocol is entirely at your own risk, and you are solely responsible for the security of your wallet, private keys, and transactions. *** ### 3. Eligibility: Sanctions and Geo-Restricted Jurisdictions **3.1 Age and capacity.** You represent and warrant that you are at least the age of majority in your jurisdiction and have full capacity to enter into these Terms. **3.2 Sanctions and restricted persons.** You represent and warrant that you are not: (a) the subject of any sanctions administered or enforced by the U.S., EU, UK, UN, or any other relevant sanctions authority (including, without limitation, any person listed on the U.S. OFAC Specially Designated Nationals and Blocked Persons List), (b) located in, resident in, or organized under the laws of any sanctioned jurisdiction, or (c) owned or controlled by, or acting on behalf of, any such person or entity. **3.3 Geo-blocked countries and regions.** You must not access or use the Interface, directly or indirectly, if you are located in, resident in, or accessing the Interface from any of the following countries or territories: **Abkhazia, Afghanistan, Angola, Belarus, Burundi, Central African Republic, Congo, Cuba, Crimea, Ethiopia, Guinea-Bissau, Iran, Ivory Coast (Cote D’Ivoire), Lebanon, Liberia, Libya, Mali, Burma (Myanmar), Nicaragua, North Korea, Northern Cyprus, Russia, Somalia, Somaliland, South Ossetia, South Sudan, Sudan, Syria, Ukraine (Donetsk and Luhansk regions), United States, Venezuela, Yemen, Zimbabwe.** > You also must not use the Interface from any other jurisdiction subject to comprehensive country-wide or regional sanctions or any jurisdiction that the Company designates as high-risk or restricted under its internal policies from time to time. **3.4 No circumvention.** You should not use VPNs, proxies, Tor, or similar tools for the purpose of intentionally bypassing the geo-blocking, sanctions screening, or other access restrictions that apply to the Interface. **3.5 Verification and enforcement.** The Company may implement and update from time to time IP-based geofencing, wallet screening, and other access-control measures, and may block or restrict access to the Interface (including by blocking specific wallet addresses, IP ranges, autonomous systems, or regions) where it considers this necessary or appropriate for legal, regulatory, or risk-management reasons. We may request further information from you (including sanctions-screening information) and may suspend or terminate your access if such information is not provided or is inconsistent. *** ### 4. Nature of the Interface: Non-Custodial Relationship **4.1 Non-custodial and “AS IS”.** The Interface is provided strictly on a non-custodial, non-intermediated basis and on an “AS IS” and “AS AVAILABLE” basis, without any warranties of any kind, whether express, implied, or statutory. Without limitation, the Company disclaims all implied warranties of merchantability, fitness for a particular purpose, title, quiet enjoyment, accuracy, and non-infringement, as well as any warranties arising from course of dealing or trade usage. **4.2 No regulated services.** Nothing provided through or in connection with the Interface constitutes: (a) brokerage, dealing, or market-making services;custody, safekeeping, escrow, trust, or deposits; (b) portfolio management, investment management, or discretionary trading; (c) transfer agency, clearing, or settlement services; or (d) any other regulated financial, investment, or payment service. > Your use of the Interface does not create any fiduciary, advisory, agency, partnership, joint-venture, employment, custodian, or escrow relationship between you and the Company. **4.3 Wallets and keys.** To interact with the Protocol via the Interface you must connect a compatible third-party self-custodial wallet (a “Wallet”). Wallets are not operated, maintained, or controlled by the Company. We do not have access to, and cannot recover, your private keys, seed phrases, or passwords. You are solely responsible for safeguarding your Wallet and private keys and for all transactions signed or approved using your Wallet, whether or not authorized by you. **4.4 Information requests.** From time to time, and only to the extent required by applicable law, regulation, or a competent governmental authority, the Company may request certain information or documentation relating to your use of the Interface. This may include circumstances where the Company has a good-faith reason to believe that: (i) your Wallet may be associated with unlawful activity (including money laundering, terrorist financing, sanctions evasion, fraud, or other prohibited conduct); (ii) you have provided false, inaccurate, or incomplete information; or (iii) disclosure is reasonably necessary to comply with a legal or regulatory obligation. > The Company may also request information to the limited extent necessary to maintain the security or integrity of the Interface or to prevent abuse. You represent and warrant that any information you provide is accurate, current, and complete. The Company may restrict or suspend access to the Interface if you fail to provide information where legally required, or where your responses indicate potential violations of law. Nothing in this Section requires the Company to monitor user activity, conduct due diligence, or undertake any action that would convert the Interface into a custodial, financial, or otherwise regulated service. *** ### 5. Ownership and Content **5.1 Ownership of the Interface.** The Interface, including its “look and feel” (for example, text, graphics, layouts, and other design elements) and any proprietary content or materials displayed through the Interface, is protected by copyright, trademark, and other intellectual-property laws. You acknowledge and agree that the Company and/or its licensors own all right, title, and interest in and to the Interface (including all associated intellectual-property rights). Nothing in these Terms transfers or grants any rights to you other than the limited right to access and use the Interface as expressly permitted herein. For the avoidance of doubt, the Company does not own, control, or claim any intellectual-property rights in the Protocol or in any on-chain data or content, and no provision of these Terms shall be interpreted otherwise. **5.2 Trademarks.** The Company’s name, trademarks, service marks, and logos, and all related product or service names, designs, and slogans are the exclusive property of the Company or its licensors. Any other names, logos, product or service names, designs, or slogans appearing on the Interface are the property of their respective owners. No license or right is granted to you in any trademarks by implication or otherwise, and any use of such marks without prior written consent is strictly prohibited. **5.3 Feedback.** If you provide any feedback, comments, suggestions, ideas, bug reports, or other input regarding the Interface (“Feedback”), you acknowledge and agree that: (a) the Company has no obligation to treat Feedback as confidential; (b) you hereby assign to the Company all right, title, and interest in and to such Feedback, including all intellectual-property rights; and (c) the Company may use, implement, disclose, or otherwise exploit the Feedback for any purpose, without notice, attribution, or compensation to you. *** ### 6. Prohibited Uses You agree that you will not use the Interface or Protocol to: (a) engage in, or facilitate, any unlawful activity, including money laundering, terrorist financing, fraud, market manipulation, sanctions evasion, or tax evasion; (b) violate any applicable law, regulation, court order, or third-party right (including intellectual-property, privacy, or personality rights); (c) interfere with, disrupt, or attack the Interface, the Protocol, or any associated infrastructure (including via hacking, DDoS, brute-force attacks, malware, exploits, or scraping); (d) circumvent, or attempt to circumvent, any technical or organizational controls implemented by or on behalf of the Company (including geofencing, wallet screening, or rate limiting); (e) impersonate any person, misrepresent your affiliation, or provide false or misleading information; (f) promote, advertise, or conduct token sales, investment schemes, or fundraising campaigns through the Interface; or (g) use the Interface in any manner that could damage, disable, or overburden any network, or that could interfere with other users’ access to or use of the Interface. > The Company may investigate suspected violations and may take any measures it considers appropriate, including blocking access to the Interface and reporting unlawful conduct to relevant authorities. *** ### 7. Experimental Use and Prior Interactions and Deposits Certain users may have interacted with early-stage contract deployments, test environments, or experimental versions of the Protocol, including by contributing assets at a time when the Protocol or Interface were in testing, beta, or pre-launch phases (“Prior Deposits”). All such interactions were and remain entirely voluntary and do not create any contractual rights, guarantees, or expectations of any kind, including any rights to: (a) token or point allocations, (b) rewards or yield, (c) governance or voting, or (d) future access, airdrops, or preferential treatment. The transition to any “live” or “production” deployment of the Protocol does not convert Prior Deposits or interactions into claims against the Company or any present or future entity. Any acknowledgements, rewards, or allocations (if any) will occur, if at all, solely according to the autonomous logic of the Protocol or other publicly announced mechanisms, and not by promise or agreement. > You remain solely responsible for monitoring, withdrawing, or managing any balances associated with Prior Deposits directly on-chain. The Company has no control over, and assumes no liability for, any such balances. *** ### 8. Risk Disclosures and Assumption of Risk Your use of the Interface and Protocol involves serious risk, which you expressly acknowledge and accept. Without limitation: (a) **Market risk:** Digital assets are highly volatile and may lose substantial or total value. (b) **Smart-contract risk:** Smart contracts may contain bugs, vulnerabilities, design flaws, or be subject to exploits, upgrades, or governance changes that result in loss. (c) **Oracle / data risk:** Inaccurate, delayed, or unavailable price feeds or other data may cause mis-allocations, unexpected liquidations, or protocol malfunction. (d) **Tranching mechanics:** “Senior” tranches are not risk-free; “junior” tranches may experience first-loss or total loss. Structural seniority is relative within the Protocol and is not a capital guarantee in fiat terms. (e) **Integration risk:** The Protocol may rely on third-party protocols, bridges, wrappers, or stablecoins that can fail, de-peg, or change their rules, creating additional risk. (f) **MEV / transaction ordering:** Your transactions may be front-run, back-run, or re-ordered, resulting in worse execution or unexpected outcomes. (g) **Regulatory risk:** Laws and regulations in relevant jurisdictions may change or be newly enforced, which could restrict, impair, or make unlawful access to the Interface or Protocol. (h) **Technology and operational risk:** Networks, nodes, RPC providers, and front-end infrastructure can fail or be attacked; access may be delayed, degraded, or unavailable. (i) **No insurance:** Assets interacting with the Protocol are not deposits, are not insured by any governmental or private insurance scheme, and are not guaranteed by the Company or any other person. > By using the Interface, you expressly acknowledge and agree that you may lose some or all of the assets you interact with, and that you will have no recourse to the Company or any other person in connection with such loss, except to the strictly limited extent set out in these Terms. *** ### 9. No Financial, Tax or Legal Advice; No Offer of Securities 9.1 No advice. All content and functionality accessible via the Interface is provided for informational and technical interaction purposes only. It does not constitute investment, financial, trading, legal, or tax advice. You are solely responsible for obtaining independent professional advice before making any decision regarding digital assets. 9.2 No offer of securities or regulated products. The Interface and Protocol do not constitute or facilitate an offer, solicitation, or sale of securities, derivatives, collective investment schemes, or any other regulated financial product in any jurisdiction. No promises of profit, dividends, yield, or capital protection are made or may be relied upon. > Any tokens or positions that may result from use of the Protocol are intended for technical and functional use within a decentralised system, and not as investment products. *** ### 10. Fees and Taxes **10.1 Network and protocol fees.** You are solely responsible for all network fees (such as gas) and any interface- or protocol-level fees shown or implied when you initiate a transaction. Network fees apply even to failed or reverted transactions. **10.2 Changes to fees.** To the extent any fees are surfaced through the Interface, the Company may change how such fees are displayed or routed at any time, without obligation to continue providing the Interface or any particular feature. **10.3 Taxes.** You are responsible for all taxes, duties, and assessments that may arise from your use of the Interface or Protocol. The Company does not provide tax reporting or tax advice. *** ### 11. Changes, Suspension, and Termination The Company may, as reasonably necessary and without incurring liability: (a) modify, update, or discontinue the Interface or any part of the Services (which relate solely to the off-chain user interface and do not affect the Protocol); (b) restrict, suspend, or limit your access to the Interface for security, compliance, or operational reasons; and/or (c) introduce additional eligibility or access-control criteria required by law, regulation, or technical considerations. These actions relate only to the Interface. Any governance or upgrade actions relating to the Protocol itself are executed via on-chain timelocks and are subject to independent veto, and do not allow the Company to transfer, rehypothecate, or take custody of user assets. Provisions that by their nature should survive will continue to apply after any suspension or termination of your access to the Interface. *** ### 12. Disclaimers and Limitations Of Liability **12.1 Disclaimers.**\ \ (a) Your access to and use of the Interface and the Protocol are at your own risk. You understand and agree that the Interface is provided on an “AS IS” and “AS AVAILABLE” basis. To the maximum extent permitted under applicable law, the Company DISCLAIMS ALL WARRANTIES AND CONDITIONS, WHETHER EXPRESS, IMPLIED, OR STATUTORY, INCLUDING WITHOUT LIMITATION ANY WARRANTIES RELATING TO TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT, USAGE, QUALITY, PERFORMANCE, RELIABILITY, OR THE ABSENCE OF DEFECTS (WHETHER LATENT OR PATENT) IN THE INTERFACE OR THE PROTOCOL. The Company makes no warranty and disclaims all responsibility and liability for: (i) the completeness, accuracy, timeliness, availability, security, or reliability of the Interface or the Protocol; (ii) any harm to your computer, device, Wallet, private keys, digital assets, or data arising from your use of the Interface or the Protocol; (iii) compatibility or interoperability with any Wallet, device, network, or third-party software; (iv) whether the Interface or the Protocol will meet your expectations or operate uninterrupted, securely, or error-free; and (v) whether the Interface or the Protocol will protect your assets from theft, hacking, exploits, cyberattacks, or unauthorized access. > Nothing in the Interface constitutes financial, legal, tax, investment, or professional advice. No information obtained from the Company or through the Interface creates any warranty not expressly stated herein. (b) THE LAWS OF CERTAIN JURISDICTIONS DO NOT ALLOW LIMITATIONS ON IMPLIED WARRANTIES OR THE EXCLUSION OF CERTAIN DAMAGES AS SET FORTH IN SECTION 12.2. IF SUCH LAWS APPLY TO YOU, SOME OF THESE DISCLAIMERS MAY NOT APPLY, AND YOU MAY HAVE ADDITIONAL RIGHTS. (c) THE COMPANY DOES NOT CONTROL PUBLIC BLOCKCHAIN NETWORKS AND DISCLAIMS ALL LIABILITY FOR ANY DATA, TRANSACTIONS, OR EVENTS OCCURRING ON OR THROUGH SUCH NETWORKS. (d) YOU UNDERSTAND AND ACCEPT THAT INTERACTION WITH BLOCKCHAINS AND SMART CONTRACTS INVOLVES SIGNIFICANT RISKS, INCLUDING IRREVERSIBLE LOSS OF DIGITAL ASSETS. THE COMPANY DOES NOT CONTROL, OPERATE, ADMINISTER, MAINTAIN, OR HAVE ANY ABILITY TO ALTER THE SMART CONTRACTS, AND IS NOT RESPONSIBLE FOR SUCH RISKS. **12.2 Limitations of Liability.** TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE COMPANY WILL NOT BE LIABLE FOR ANY INDIRECT, SPECIAL, EXEMPLARY, CONSEQUENTIAL, INCIDENTAL, OR PUNITIVE DAMAGES, INCLUDING WITHOUT LIMITATION LOSS OF PROFITS, BUSINESS, DATA, USE, GOODWILL, OR OTHER INTANGIBLE LOSSES, ARISING OUT OF OR RELATING TO YOUR USE OF, OR INABILITY TO USE, THE INTERFACE OR THE PROTOCOL, HOWEVER CAUSED AND UNDER ANY THEORY OF LIABILITY, EVEN IF THE COMPANY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THE COMPANY WILL NOT BE LIABLE FOR ANY LOSS OR DAMAGE RESULTING FROM: (i) YOUR INTERACTION WITH SMART CONTRACTS; (ii) UNAUTHORIZED ACCESS TO OR LOSS OF YOUR WALLET OR PRIVATE KEYS; (iii) BLOCKCHAIN FAILURES, CONGESTION, REORGANIZATIONS, OR ATTACKS; (iv) EXPLOITS, VULNERABILITIES, OR MALICIOUS THIRD-PARTY ACTS; OR (v) ANY REGULATORY OR LEGAL ACTION AFFECTING THE INTERFACE OR THE PROTOCOL. IN ALL CASES, AND TO THE MAXIMUM EXTENT PERMITTED BY DELAWARE LAW, THE TOTAL AGGREGATE LIABILITY OF THE COMPANY TO YOU SHALL NOT EXCEED ONE HUNDRED U.S. DOLLARS (USD 100). THIS LIMITATION APPLIES TO ALL THEORIES OF LIABILITY, EVEN IF ANY REMEDY FAILS OF ITS ESSENTIAL PURPOSE. NOTHING IN THESE TERMS LIMITS LIABILITY FOR FRAUD OR WILLFUL MISCONDUCT. **12.3 Acknowledgement; Assumption of Risks.** (a) By using the Interface or interacting with the Protocol, you acknowledge that digital assets, Wallets, and smart contracts involve inherent risks, including irreversible loss of digital assets, and you are solely responsible for securing your Wallet and private keys. (b) Smart contracts may contain vulnerabilities, bugs, or behave unexpectedly. The Company does not control smart-contract execution and has no liability for errors, exploits, malfunctions, or unexpected outcomes. (c) Blockchain networks may experience delays, congestion, failures, reorgs, or attacks. You bear all risks related to such events. (d) Access to the Interface is self-directed. Nothing in the Interface constitutes a recommendation, solicitation, or endorsement of any digital-asset activity. You are solely responsible for determining your legal and regulatory obligations. (e) All transactions are unsolicited and self-initiated by you. The Company does not provide investment advice or conduct suitability reviews. **12.4 No Personal Liability.** To the fullest extent permitted by law, no founder, developer, employee, contractor, or individual associated with the Company shall have personal liability arising out of or relating to these Terms, the Interface, or the Protocol. All claims must be brought solely against the Company. *** ### 13. Indemnification You agree to defend, indemnify, and hold harmless the Company from and against any and all claims, liabilities, damages, losses, and expenses (including reasonable legal fees and costs) arising out of or related to: (a) your breach of these Terms; (b) your violation of any law or third-party right; or (c) your use of the Interface or Protocol, including any transaction you sign or approve. > The Company may assume the exclusive defence and control of any matter subject to indemnification, in which case you agree to cooperate fully and not settle any such matter without our prior written consent. *** ### **14. Governing Law; Arbitration; Class-Action Waiver** **14.1 Governing law.** These Terms, and any dispute or claim arising out of or relating to them or to the Interface, shall be governed by and construed in accordance with the laws of the State of Delaware, U.S.A., without giving effect to any conflict-of-law rules. **14.2 Informal resolution.** Before commencing formal proceedings, you and the Company agree to use reasonable efforts to resolve any dispute informally by notifying the other party and allowing at least thirty (30) days for a response. **14.3 Binding arbitration.** Except where prohibited by law or as otherwise expressly set out below, any dispute, controversy, or claim arising out of or relating to these Terms or the Interface (a “Dispute”) shall be finally resolved by binding individual arbitration administered by JAMS (or a comparable arbitration institution) under its applicable rules. The seat and place of arbitration shall be Delaware, U.S.A., the language shall be English, and the tribunal shall consist of a single arbitrator. The arbitrator may award any relief available under applicable law, other than punitive or exemplary damages to the extent permitted. **14.4 Class-action waiver.** All Disputes shall be resolved on an individual basis only. Class, collective, representative, or consolidated actions or proceedings are not permitted. You and the Company each waive any right to participate as a plaintiff or class member in any purported class, collective, or representative proceeding. > If a court of competent jurisdiction finds that the class-action waiver in this Section 14.4 is unenforceable with respect to a particular claim, then the arbitration agreement in Section 14.3 shall not apply to that claim, which shall instead be heard in the state or federal courts located in Delaware. In all other cases, the arbitration agreement remains in full force. **14.5 Courts for limited purposes.** To the extent court proceedings are permitted under this Section (for example, to enforce an arbitration award or seek interim injunctive relief), you and the Company submit to the exclusive jurisdiction of the state and federal courts located in Delaware, U.S.A. *** ### 15. Transfer of Operator Entity The Company may (i) transfer, assign, or novate these Terms, in whole or in part, to any successor, affiliated entity, or newly formed entity established to operate or maintain the Interface; and (ii) transfer or delegate the operation, maintenance, or administration of the Interface to such entity at any time; and (iii) effect any internal restructuring or change of operating entity without providing notice to you. By accepting these Terms, you acknowledge and agree that any such transfer, assignment, novation, or delegation shall be automatically binding on you, that any successor entity shall automatically replace the Company as the operator under these Terms, and that all references to the “Company” shall thereafter be deemed to refer to that successor entity. > You further acknowledge and agree that you are solely responsible for reviewing the then-current version of these Terms upon each access or use of the Interface, and that your continued use of the Interface constitutes your acceptance of these Terms as updated, amended, assigned, or applied following any such transfer. *** ### 16. Assignment and Miscellaneous **16.1 Assignment and novation.** The Company may assign, transfer, or novate these Terms (in whole or in part) to any successor or affiliated provider, including any subsequently formed foundation or other entity that assumes responsibility for the Interface, upon notice via the Interface. You may not assign or transfer your rights or obligations under these Terms without our prior written consent. **16.2 Entire agreement.** These Terms (together with any policies or notices referenced herein) constitute the entire agreement between you and the Company regarding the Interface and supersede all prior or contemporaneous understandings relating to the same subject matter. **16.3 Severability.** If any provision of these Terms is held to be invalid or unenforceable, that provision shall be enforced to the maximum extent permissible, and the remaining provisions shall remain in full force and effect. **16.4 No waiver.** Failure or delay by the Company to enforce any provision of these Terms shall not constitute a waiver of that or any other provision. **16.5 Survival.** Provisions that by their nature should survive termination (including, without limitation, Sections 3–8 and 10–15) shall survive any termination or suspension of your access to the Interface. **16.6 Force Majeure.** The Company shall not be liable for any failure or delay in performing its obligations under these Terms, or for any interruption, degradation, or unavailability of the Interface, to the extent caused by circumstances beyond the Company’s reasonable control, including but not limited to: acts of God; fire, flood, earthquake, or other natural disasters; epidemics or pandemics; war, hostilities, civil unrest, or acts of terrorism; governmental orders, laws, sanctions, or regulatory actions; embargoes or blockades; labor disputes, strikes, or industrial disturbances; failure of telecommunications, internet infrastructure, data centers, or cloud-service providers; power outages; denial-of-service attacks, network congestion, or other cybersecurity incidents; or any other events or conditions beyond the Company’s control. For clarity, the Company has no obligation to ensure continuous availability of the Interface, and the Protocol operates independently of the Interface and may continue to be accessed directly on-chain. **16.7 Contact.** If contact details are provided on the Interface, you may use them for notices or support queries relating to these Terms or the Interface. You may also contact the Company at: [support@fronteralabs.xyz.](mailto:support@fronteralab.xyz) # Privacy Policy Strata Privacy Policy | Last Updated: 28 November 2025 This Privacy Notice (the “Policy”) explains how Frontera Labs, Inc. (“Frontera Labs”, the “Company”, “we”, “us”, or “our”), together with independent contributors and infrastructure providers acting on its behalf, process limited technical and pseudonymous data when you access [www.strata.markets](https://www.strata.markets/) or interact with any related front-end components that enable interaction with decentralised smart contracts (the “Interface”). By accessing or using the Interface, you acknowledge that you have read and understood this Policy. If you do not agree, you should not use the Interface. **The Interface is fully non-custodial. We do not create user accounts, custody assets, request KYC documentation, or collect personal identity data.** For clarity, this Privacy Notice applies only to the Interface. It does not apply to the underlying Strata Protocol, which is fully decentralised, autonomous, and operated directly on public blockchain networks outside the control of Frontera Labs. All on-chain transactions and data are public and are not processed, controlled, or governed by this Policy. *** ### **1. Personal Data We Collect** We collect limited categories of pseudonymous and technical data, including: (a) Wallet data such as public blockchain addresses, transaction metadata, and interactions with smart contracts. (b) Device and usage data such as IP address, browser type and version, operating system information, timestamps, request headers, and error logs. (c) Access-control data such as high-level IP-derived location signals, network identifiers, autonomous system numbers, and wallet-screening results used solely to enforce sanctions and geo-blocking requirements. (d) Support communications voluntarily sent to us by email or other contact methods. (e) Aggregated or de-identified information that cannot reasonably identify any individual. We do not collect names, government-issued identification, precise geolocation, biometric data, or other sensitive categories of personal data. *** ### **2. How We Use Technical Data** We use technical and pseudonymous data strictly for the following purposes:
PurposeExamples
Operate & Secure the InterfaceWe use basic technical data only to enable wallet connections, protect the Interface from abuse, and ensure it remains available and functional
Performance & DiagnosticsImprove reliability, debug errors, analyse traffic patterns
Compliance ControlsApply geographic or sanctions-based restrictions in accordance with the Terms of Use
Support ResponsesRespond to voluntary enquiries received via email
Aggregated InsightsProduce non-identifiable data for ecosystem transparency or research
We do not sell data, conduct behavioural advertising, or engage in automated decision-making with legal or significant effects. *** ### **3. Legal Bases For Processing** We process technical and pseudonymous data in accordance with the laws of the State of Delaware and other applicable U.S. privacy and consumer-protection frameworks. To the extent data-protection laws from other jurisdictions apply to a particular user (including, where relevant, the GDPR), we rely on the following bases: (a) providing technical access to the Interface; (b) the Company’s legitimate interests, including security, fraud prevention, diagnostics, and improvement; (c) compliance with legal or regulatory obligations, including sanctions enforcement; and (d) consent, but only for optional communications explicitly provided by the user. *** ### **4. Disclosure Of Data** We may disclose data to the following categories of recipients:
RecipientPurpose
Service ProvidersHosting, analytics, security tools under confidentiality obligations
Legal / Regulatory AuthoritiesIf required by applicable law, sanctions, or court order
Successor EntitiesA future Cayman Islands foundation or governance entity may assume responsibilities
With Your ConsentAny additional disclosure expressly authorised by you
We may share aggregated or de-identified information that cannot reasonably identify you. *** ### 5. Cookies and Local Storage The Interface may use minimal cookies or local storage strictly for technical and functional purposes, such as maintaining user interface preferences or supporting essential features. These cookies are not used for advertising, cross-site tracking, behavioural profiling, or the sale of personal data. You may disable cookies through your browser settings, although certain Interface functions may not operate correctly. The Interface does not respond to “Do Not Track” signals, consistent with U.S. privacy standards. *** ### 6. User Rights The rights that may be available to a user with respect to personal data depend on the laws applicable to that user. As a Delaware corporation, Frontera Labs, Inc. processes only limited technical and pseudonymous data for the operation and security of the Interface, and such data generally does not constitute “personal information” subject to access, deletion, or correction rights under U.S. state privacy laws. To the extent that foreign data-protection laws apply to a particular user (including, where relevant, the General Data Protection Regulation (GDPR) or comparable legislation), such user may have certain rights with respect to personal data voluntarily provided to the Company, such as the right to request access, rectification, erasure, restriction of processing, or withdrawal of consent where consent was the applicable legal basis. These rights apply solely to information that the Company can reasonably access and control. They do not extend to blockchain addresses, transaction records, or any on-chain data, as such data is publicly available, immutable, and not processed or controlled by the Company. Any request to exercise applicable rights must be submitted to . The Company will assess and respond to such requests in accordance with the laws that govern the specific user and only with respect to data that is within the Company’s possession and control. *** ### 7. Security The Company implements commercially reasonable administrative, technical, and physical safeguards designed to protect the limited technical data processed through the Interface. Such measures are appropriate to the non-custodial, pseudonymous, and web-based nature of the Interface and may include, where applicable, encryption in transit, access-control mechanisms, monitoring of critical systems, segregation of infrastructure environments, and periodic technical assessments carried out in accordance with U.S. industry standards. The Company does not custody digital assets, cannot access private keys, seed phrases, recovery credentials, or wallet passwords, and does not collect or store user authentication data. Users are solely responsible for the security of their wallets, private keys, devices, and any credentials associated with their use of the Interface. The Company makes no representation or warranty regarding the security of blockchain networks, third-party wallets, or smart contracts, which operate independently of the Interface and remain outside the Company’s control. *** ### 8. Data Retention The Company retains data only for periods that are reasonably necessary for the operation, security, and integrity of the Interface, or as required to comply with applicable laws, regulations, or legitimate business purposes. Retention periods vary depending on the nature of the data and the context in which it is processed. On-chain data is permanent, publicly available, and outside the Company’s possession or control. Technical logs generated by access to the Interface are generally retained for up to 30 days, unless a longer period is required for security, fraud-prevention, sanctions-enforcement, abuse mitigation, or other lawful investigative purposes. These logs consist solely of technical information and do not include user-identifying data. Access-control records used to enforce geographic, sanctions-related, or security restrictions are retained only for the duration necessary to apply such restrictions and to meet legal or regulatory obligations, after which they are deleted or anonymised. Support communications voluntarily provided by users may be retained for up to three years from the date of last contact, or longer if necessary to establish, exercise, or defend legal claims, comply with record-keeping obligations, or resolve disputes. Aggregated or anonymised information that cannot reasonably identify any individual may be retained indefinitely, as such information falls outside the scope of personal-data regulation. > The Company does not undertake obligations to retain data beyond these operational or legal requirements and may delete or anonymise data at any time at its discretion, provided no applicable law requires continued retention. *** ### 9. Age Eligibility The Interface is not directed to, and should not be used by, individuals under the age of 18. The Company does not knowingly collect or process personal information from individuals under 13 years of age in accordance with applicable U.S. federal law (including the Children’s Online Privacy Protection Act, “COPPA”). If we become aware that information relating to a minor has been collected unintentionally, the Company will take reasonable steps to delete such information from its systems. Any concerns regarding minors’ data may be directed to . *** ### 10. Third-Party Wallets and External Links The Interface may reference or enable connections to third-party wallets, websites, applications, or services that operate independently of the Company. Any interaction with such third-party tools is governed exclusively by the terms, privacy practices, and policies of those third parties. The Company does not endorse, monitor, validate, or control the data-handling, security measures, or privacy practices of any third-party provider and makes no representations or warranties regarding their compliance with applicable laws or industry standards. The Company disclaims all responsibility and liability for any data processed, collected, transmitted, or stored by third-party wallets or external services, which remain entirely outside the Company’s possession, custody, and control. Users are solely responsible for reviewing and understanding the applicable terms and policies of any third-party services they choose to access through or in connection with the Interface. *** ### 11. Transfer of Operator Entity The Company may at any time assign this Policy or transfer the operation of the Interface to any affiliated or successor entity, including any newly formed foundation or other governance vehicle. Such entity will automatically replace the Company as the operator, and all references to “Frontera Labs”, the “Company”, “we”, or “us” will thereafter refer to that entity. Your continued use of the Interface after any such transfer constitutes acceptance of the updated operator and of this Policy as so transferred. *** ### 12. Changes to This Policy We may update this Policy from time to time. The “Last Updated” date indicates the current version. Continued use of the Interface after any update constitutes acceptance of the revised Policy. *** ### 13. Contact For any questions regarding this Policy, the operation of the Interface, or to submit a data-related request permitted under applicable law, you may contact the Company at: . Communications sent to this address will be reviewed by the appropriate personnel at Frontera Labs, Inc. and handled in accordance with the laws applicable to the user and with the scope of data under the Company’s possession and control. The Company may request additional information as reasonably necessary to verify and process any request, and will respond within the timeframes required by applicable law, if any. ***